Addition u/s 68 r.w.s.115BBE - unexplained cash deposits into ...

Income Tax

January 3, 2024

Addition u/s 68 r.w.s.115BBE - unexplained cash deposits into bank account during demonetization period - Assessee has furnished name and address of the customers from whom it has received cash for sale of jewellery. The assessee need not obtain confirmation and submit to the AO, because, the law does not mandate colleting PAN details of the persons, if sale value of jewellery does not exceed Rs. 2 lakhs as per Rule 114B of Income Tax Rules, 1962. - AT

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Addition u/s 68 r.w.s.115BBE - unexplained cash deposits into ...

Income Tax

January 3, 2024

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