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Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
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Income Tax : Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the ass...
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Income Tax : The ITAT Delhi held that cash deposits representing recorded business sales could not be treated as unexplained under Section 68 w...
Income Tax : The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's ...
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Fema / RBI : RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. How...
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Fema / RBI : RBI provides an update on the withdrawal status of ₹2000 banknotes, with 98% of notes returned by October 31, 2024....
Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Fema / RBI : Reserve Bank of India's decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned...
While sales proceeds were claimed as the source, unexplained cash receipts appeared in the cash book. The Tribunal directed the Assessing Officer to re-examine deposits after detailed verification of records.
The addition was sustained on the ground that earlier cash deposits were not explained. The Tribunal held that the explanation of medical exigency and redeposit was reasonable and directed deletion.
Applying the test of human probabilities, the Tribunal ruled that unexplained abnormal sales could not be fully accepted. At the same time, absence of book defects warranted estimation instead of outright section 68 taxation.
The Tribunal found a prima facie mismatch between stock and cash sales during demonetisation. The issue was remanded for fresh verification by the Assessing Officer.
The issue was whether cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
The tribunal held that where key sales and purchase documents were not examined at assessment, the issue must be remanded. Cash deposit additions were set aside for fresh verification by the Assessing Officer.
The tribunal held that cash deposits of a petrol pump operator during demonetisation could not be fully treated as unexplained. Only a lump sum addition was sustained, recognizing the business nature of receipts.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
ITAT Pune ruled that cash deposits during the demonetization period were in Rs. 100 and Rs. 2,000 notes, reversing prior additions made under section 68.
ITAT Rajkot partly allowed appeal, directing that 90% of cash deposited during demonetisation be accepted as explained, with only 10% taxable under normal income tax.
