Only Unexplained Portion of Cash Deposits Can Be Taxed: ITAT Chennai

Shernickraj Vs ITO (ITAT Chennai) ITAT Chennai: Only Real Unexplained Portion of Cash Deposits Taxable; Section 115BBE @ 60% Not Applicable to Pre-1.4.2017 Transactions The Chennai Bench of the ITAT, in Shri Shernickraj v. ITO (AY 2017-18), dealt with addition on account of cash deposits during the demonetisation period and the applicable tax rate under section 115BBE. The assessee, engaged in a small facilitation business of collecting cash from the public and making online payments on their behalf (electricity bills, ticket bookings, transfers, etc.), had deposited ₹8.50 lakh in cash. The ...