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Section 68 Demonetisation Deposit Addition Deleted Due to Genuine Cash Sales Evidence
Case Law Details
- Case Name
- Harshvardhan Tejmal Soni Vs ACIT (ITAT Ahmedabad)
- 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 Ahmedabad
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Harshvardhan Tejmal Soni Vs ACIT (ITAT Ahmedabad)
The appeal before the Income Tax Appellate Tribunal, Ahmedabad arose from the confirmation of an addition of ₹22,00,000 made under Section 68 of the Income-tax Act, 1961 for Assessment Year 2017–18. The assessee, engaged in the retail business of gold and silver ornaments, had deposited ₹1.10 crore in cash in his bank account during the demonetisation period. The Assessing Officer treated 20% of these deposits as unexplained cash credits, alleging that the assessee inflated sales to legitimise cash deposited post demonetisation and faile...
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