Section 115BBE on cash deposited during demonetisation.
This query is : Resolved
23 April 2022
Sir;
Assessee deposited cash of old notes during demonetisation period of around 35 lacs. Closing balance of cash on 8 nov 16 Say Rs. 24 lacs. Assessee is engaged in the business of liquor sales. AO adds Rs. 11 lacs under section 68 as unexplained income & charged tax us 115BBE @60% Plus surcharge @ 25%. However this 11 lacs assessee has showns as business income. Since assessee is a liquor dealer he cannot accept cash during demonetisation period. Is there any other way to defend ???
Assessee deposited cash of old notes during demonetisation period of around 35 lacs. Closing balance of cash on 8 nov 16 Say Rs. 24 lacs. Assessee is engaged in the business of liquor sales. AO adds Rs. 11 lacs under section 68 as unexplained income & charged tax us 115BBE @60% Plus surcharge @ 25%. However this 11 lacs assessee has showns as business income. Since assessee is a liquor dealer he cannot accept cash during demonetisation period. Is there any other way to defend ???
CA R SEETHARAMAN
(Expert)
24 April 2022
There is no other way available to defend the case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
