Cash deposited through Bank Accounts of Company during Demonetisation Period are not Unexplained Cash: ITAT [Read Order]

Cash – deposited - Bank – Accounts - Company - Demonetisation – Period – Unexplained - Cash – ITAT - TAXSCAN

The Lucknow bench of Income Tax Appellate Tribunal (ITAT) has held that cash deposited through bank accounts of companies during the demonetisation period are not unexplained cash. The assessee Shiva Goods Carrier Pvt. Ltd assessment order was passed under Section 143(3) of the Income Tax Act, 1961 whereby the assessee’s total income was determined at…

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