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No Section 69A addition for Cash deposits recorded in books: ITAT Delhi
Case Law Details
- Case Name
- Durga Fire Work Vs ITO (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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Durga Fire Work Vs ITO (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT) Delhi recently adjudicated on an appeal filed by Durga Fire Work against an addition of Rs. 69,25,000 under Section 69A of the Income Tax Act for AY 2017-18. The dispute arose over cash deposits made during the demonetization period, with the Assessing Officer (AO) contending that these deposits were unexplained income.
Durga Fire Work, engaged in trading fireworks, filed its return declaring Rs. 1,84,010 income. During scrutiny, the AO flagged Rs. 69,25,000 deposited in a Bank of India account during demonetization. ...
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