ITAT Deletes Addition on Demonetisation Cash Deposits Supported by Opening Cash Balance and Business Records The Income Tax Appellate Tribunal (ITAT) Mumbai has deleted the addition of Rs 25.70 lakh made under Section 69A and observed that a finding based only on doubt, without any adverse material, is unsustainable. The assessee is engaged in the…
Demonetisation Deposits: Company Deposited Cash During Note Ban; ITAT Upholds Income Tax Addition After Failure to Produce Sales Records The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the appeal filed by M/s Dentspro India Pvt. Ltd. and confirmed an addition of Rs 47.07 lakh made by the Income Tax Department for…
ITAT Delhi Upholds Rs 1.34 Crore Addition on Demonetisation Cash Deposits And Holds Purchase Transactions Non-Genuine The Income Tax Appellate Tribunal (ITAT) Delhi, dismissed assessee’s appeal and sustains addition under Section 69A after finding inconsistencies in cash sales and due to lack of supporting evidence for purchases The assessee under the name Garima Leather Exports,…
No Additional Sustainable Cash When Deposits Are Properly Recorded in Books: ITAT ITAT deleted the addition on demonetisation cash deposits after finding that the assessee had adequately explained the source through the recorded opening cash balance and agricultural income. The present case is filed by Ambalal Shambhudas Patel against the order of the Commissioner of…
ITAT Deletes Demonetisation Addition; Accepts Explained Family Cash Source The assessee, an NRI individual, did not file a return of income for AY 2017-18. Based on information gathered under “Operation Clean Money,” the Assessing Officer noted cash deposits of Rs 14 lakh during the demonetisation period and treated the same as unexplained income under Section…
ITAT: Validates Cash Deposits During Demonetisation Sourced From Assessee’s Deceased Mother; Deletes Sec. 69A Addition The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed an appeal filed by Jamshed Naval Karanjia against the Commissioner of Income Tax for Assessment Year 2017-18 and deleted an addition of Rs 6.70 lakh made in respect of…
ITAT Deletes Section 69A Addition on Demonetisation Cash Deposits After Estimating Liquor Business Profits The appellant, Dakappagari Naveen Kumar, an individual deriving income from agriculture and a kirana business, filed his return for A.Y. 2017-18 declaring a total income of Rs. 3,41,560. Following the 2016 demonetization, the taxpayer deposited Rs. 16,50,000 in Specified Bank Notes…
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