ITAT partially allowed the assessee's appeal, restricting ...
Scrap Dealer Wins Partial Tax Relief: Unexplained Cash Deposits Limited to Rs. 5 Lakhs Under Section 115BBE
May 6, 2025
Case Laws Income Tax AT
ITAT partially allowed the assessee's appeal, restricting unexplained cash deposit additions to Rs. 5 lakhs. The tribunal found no merit in the revenue department's contentions, noting that section 115BBE was inapplicable for FY 2016-17 transactions. The enhancement made by NFAC was quashed due to lack of opportunity of being heard. The tribunal concluded that cash sales were routine for a scrap dealer and the additions were not substantiated by cogent evidence. The AO was directed to delete balance additions beyond Rs. 5 lakhs, effectively providing partial relief to the assessee.
View Source