This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Tribunal Rules Cash Sales Deposits Are Not Unexplained During Demonetization
Case Law Details
- Case Name
- Sudesh Jain Vs ITO (ITAT Chandigarh)
- 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 Chandigarh
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Sudesh Jain Vs ITO (ITAT Chandigarh)
Demonetisation Cash Deposit Addition Deleted- Chandigarh ITAT Accepts Cash Sales & Stock Position
Chandigarh Tribunal examined the validity of an addition of Rs. 63,41,000/- made u/s 68 with tax charged u/s 115BBE.
Assessee, engaged in wholesale & retail trading of sugar, edible oil & foodgrains, had deposited Rs. 68,35,000/- during the demonetisation period. AO treated the deposits as unexplained cash, granting credit of only Rs. 4,60,000/- as cash sales, and added the balance. CIT(A) sustained the addition.
Tribunal noted that...
Author Info
