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Income Tax - Highlights / Catch Notes

Home Highlights March 2023 Year 2023 This

Cash deposited in the bank account during demonetization period ...

Income Tax

March 23, 2023

Cash deposited in the bank account during demonetization period - Additions u/s.69A r.w.s. 115BBE - Admittedly the assessee is an authorized dealer of Bharath Petroleum Company Ltd., which is an authorized Public Sector Oil Marketing Company. There is no illegality or the cash received is not unexplained because this is received on the basis of sale of petrol exempted vide the above notification which was further extended vide notification dated 24.11.2016. - Additions deleted - AT

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