Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 926 - ITAT CHENNAIAddition u/s 69A - cash deposits during demonetization period - HELD THAT:- Assessee could not file necessary analysis of receipts from business including cash receipts and bank receipts during demonetization period and corresponding previous period. In absence of any details with regard to nature and source of cash receipts, the arguments of the assessee that said cash deposits is out of business receipts, cannot be accepted in total. Therefore assessee is in the business of hiring of cars and also fact that the main source of receipts for the assessee is cash, a reasonable amount of cash deposits during demonetization period is out of business receipts, cannot be ruled out. Since, there are no details with regard to exact amount of cash receipts during demonetization period, the only way forward is to estimate receipts from business. Thus, we direct the AO to treat 50% of cash deposits during demonetization period is out of business receipts of the assessee and balance 50% cash deposits is unexplained. Decided partly in favour of assessee.
|