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Section 68 Addition on Demonetisation Cash Deposits Deleted for Recorded Cash Sales: ITAT Jaipur
Case Law Details
- Case Name
- Payal Kedia Vs ACIT (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Jaipur
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Payal Kedia Vs ACIT (ITAT Jaipur)
The assessee filed an appeal against the order of the National Faceless Appeal Centre (NFAC) dated 16.07.2025 passed under Section 250 of the Income-tax Act, 1961. The principal dispute related to the addition under Section 68 in respect of cash deposited in the assessee’s bank account during the demonetisation period. The Assessing Officer (AO) had treated the entire cash deposit of Rs.26,22,500 as unexplained cash credit. The CIT(A) partly granted relief by excluding Rs.2,50,000 attributable to cash withdrawn from the bank immediately befo...
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