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No Section 68 Addition for Demonetization Cash Deposits Supported by Recorded Sales: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Pearl International Services Pvt Ltd (ITAT Delhi)
- 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 Delhi
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ACIT Vs Pearl International Services Pvt Ltd (ITAT Delhi)
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal for Assessment Year (AY) 2017-18 and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting an addition of ₹1,38,25,455 made under Section 68 of the Income-tax Act, 1961. The dispute concerned cash deposits made during the demonetization period, which the Assessing Officer (AO) had treated as unexplained cash credits.
The assessee was engaged in the business of selling air travel tickets for various airlines as a re...
