ITAT ruled on multiple taxation issues involving unexplained ...

Demonetization Cash Deposits Scrutinized: Tax Tribunal Partially Upholds Assessments Under Sections 69A, 36(1)(vii), and 115BBE

April 23, 2025

Case Laws Income Tax AT

ITAT ruled on multiple taxation issues involving unexplained cash deposits during demonetization. The tribunal sustained addition u/s 69A regarding cash deposits, finding the assessee's explanations unconvincing. Bad debt claims were partially allowed under section 36(1)(vii). The tribunal rejected the assessee's books of accounts and applied a minimal gross profit percentage of 0.1%. Notional commission additions were deleted. Regarding section 115BBE, the tribunal followed precedent limiting 60% tax rate to transactions from 01.04.2017 onwards, thereby restricting tax to 30% for earlier periods. Overall, the decision partially favored the assessee while upholding significant tax adjustments related to unexplained cash deposits during demonetization.

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ITAT ruled on multiple taxation issues involving unexplained ...

Demonetization Cash Deposits Scrutinized: Tax Tribunal Partially Upholds Assessments Under Sections 69A, 36(1)(vii), and 115BBE

April 23, 2025

Case Laws Income Tax AT

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