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Cash Deposits During Demonetisation Cannot Be Treated as Unexplained When Agricultural Source Is Proved
Case Law Details
- Case Name
- Balwinder Singh Vs ITO (ITAT Amritsar)
- 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 Amritsar
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Balwinder Singh Vs ITO (ITAT Amritsar)
Agricultural income & prior cash withdrawal explain demonetisation deposits; ITAT Amritsar deletes Section 69A & 115BBE
Amritsar allowed Assessee’s appeal & deleted addition of ₹26.73 lakh u/s 69A & consequential invocation of s.115BBE relating to cash deposits during demonetisation. Tribunal noted that Assessee is an agriculturist with substantial landholdings (own & leased), supported by Jamabandi, J-Forms, crop loan documents & hypothecation agreements, evidencing genuine agricultural operations. It was further found that â‚...
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