Treating Cash Deposit During Demonetization as unexplained cash without rejecting Books of account is Invalid: ITAT [Read Order]
While allowing the appeal, the ITAT concluded that treating the cash deposit as unexplained cash on basis of books of account without rejecting the same is legally not permissible.
In a recent case, the New Delhi of the Income Tax Appellate Tribunal ( ITAT ) held that treating the cash deposit as unexplained cash without rejecting the books of account is invalid. Pilani Industrial Corporation Limited, the Assessee’s return was selected for scrutiny, wherein AO passed an assessment order under section 143(3) made disallowance…
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