Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (1) TMI 1025 - ITAT DELHIAdditions against Cash deposit as unexplained - deposits during the demonetization period - HELD THAT:- Appellant had deposited cash in bank account during the demonetization period. As also an admitted fact that the assessee company has been engaged in sale of bikes or two wheelers, which are normally being sold in cash. CIT(A) give relief of Rs. 9,78,514/- out of the 19,78,514/- treated as unexplained cash by the Assessing Officer. There was no rational to accept Rs. 9.78 lakhs and treat Rs. 10 lakhs as unexplained. Revenue has already treated an amount of Rs. 29,01,486/- as explained which was from the business of the assessee. Since it is proved that the assessee even the business of sale to two whellers and dealing in cash keeping the entire facts and circumstances, the amounts deposited in the bank account, monthly sales, we hereby delete the addition. Appeal in assessee allowed.
|