Cash deposits made during demonetization period from cash ...

Cash deposits during demonetization substantiated by cash flow & bank statements despite no books of accounts.

Case Laws Income Tax

September 11, 2024

Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank statements. The assessee, not required to maintain books of accounts, explained the cash deposits as accumulated over time from salary, rent, and interest income. Lower authorities rejected the cash flow statement demonstrating cash balance of Rs. 25,09,620 as on 8-11-2016, despite no dispute over the cash balance itself. The Tribunal found the assessee's submissions detailing the deposited amounts during demonetization period unambiguous, allowing the appeal.

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Cash deposits made during demonetization period from cash ...

Cash deposits during demonetization substantiated by cash flow & bank statements despite no books of accounts.

Case Laws Income Tax

September 11, 2024

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