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It was claimed that the notice under Section 148 was time-barred, reasons recorded under Section 147 were vague, and proper show-cause notices were not issued, violating Section 144B.
In the matter abovementioned ITAT deleted addition made on account of undisclosed cash deposits during demonetization period after observing that assessee has substantiate means of income for depositing cash.
Case was reopened after recording proper reason. Assessment was completed u/s.147 r.w.s. 144B of the Act on 25.03.2022, wherein addition of Rs.1 Crore was made in respect of unexplained investment in the immovable property.
Assessee was a medical professional, filed his returns for the Assessment Year (AY) 2018-19. The appeal concerned an addition of over Rs. 179 crore made by AO under section 68 alleging unexplained cash credits in the assessee’s hands.
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
Assessee had filed his income tax return for A.Y. 2017-18 declaring ₹20,89,430. The case was scrutinized for capital gains from agricultural land sales and cash deposits during demonetization.
The assessee was engaged in the business of providing works contract service and labour service. AO found that assessee had made a cash deposit of Rs.62,10,000/- in the bank account during demonetization period.
Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
ITAT Chennai deletes addition of Rs.53.23 Lakh on cash deposits during demonetization and directs re-computation of income in Balu Vignesh case.
Assessee filed its return of income for the 2018-19 AY declaring a total of ₹12,33,640 and assessee’s case was selected for limited scrutiny on the issues of “imports and exports”, and various notices were issued and served upon assessee.
