The Appellate Tribunal rendered the following decision: The ...

Cash deposits scrutinized in textile business during demonetization; partial addition upheld.

December 2, 2024

Case Laws Income Tax AT

The Appellate Tribunal rendered the following decision: The assessee, engaged in textile and grey business with a turnover exceeding Rs. 1 crore, made cash deposits during the demonetization period. Considering the business nature and inability to substantiate the entire source, 20% of the total cash deposit was treated as unexplained income, taxable at normal rates, while the remaining 80% was deleted. Regarding sundry creditors addition, the Tribunal directed deletion due to lack of verification by lower authorities despite the assessee providing account confirmations and sample purchase bills. The 10% ad hoc disallowance of expenses was upheld as the assessee did not offer income u/s 44AD, and the disallowance ratio was reasonable considering the nature of expenses.

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The Appellate Tribunal rendered the following decision: The ...

Cash deposits scrutinized in textile business during demonetization; partial addition upheld.

December 2, 2024

Case Laws Income Tax AT

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