Cash deposits during the demonetization period were recorded in ...

Cash deposits recorded with source maintained not 'unexplained money' under Income Tax Act.

Case Laws Income Tax

August 28, 2024

Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged tax u/s 115BBE, treating the deposits as unexplained money. However, Section 69A is applicable when the assessee is the owner of money, bullion, jewelry, or valuable articles not recorded from any source. Since the cash deposits were recorded with the source maintained, invoking Section 69A was incorrect. Consequently, the addition made by the Assessing Officer is liable to be deleted, and the decision is in favor of the assessee.

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Cash deposits during the demonetization period were recorded in ...

Cash deposits recorded with source maintained not 'unexplained money' under Income Tax Act.

Case Laws Income Tax

August 28, 2024

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