can you please give me case laws relating to the facts of this case
1. Assessee disclosed the bank transactions happened in period of demonetisation in books of accounts and regarding that IT dept produced a notice stating that there is unexplained transactions in BOA/C and added back to profits.
2.My query is...
whether department action of adding back such unexplained amounts to profits is correct?? because it has already been included in BOA/C and some amount was explained and some amount not explained but everything was disclosed in ITR.
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Notice of demonetisation period bank transactions
Replies (4)
You need explain about the transactions recorded in the boa such as identity of the creditors, creditworthiness of the creditors and genuineness of transactions. if you failed to prove even anyone of the above conditions it will be treated as unexplained and charged to income-tax under other sources
Thanks for your early reply @ rama krishnana ji
He has made a genuine transactions in the form of cash sales and for that how we can give an explanation for such.
If you find any case law relating to the facts above please let me know.
Thanks in advance.
He has made a genuine transactions in the form of cash sales and for that how we can give an explanation for such.
If you find any case law relating to the facts above please let me know.
Thanks in advance.
As per rbi circular, only specific business people had been allowed to accept sbns(500 &1000) . When that's the case how could your client sold stocks against SBN in violation to RBI circular?
Relying on RBI circular, cash deposit in sbn should've been considered as unexplained (I think so). However there are case laws in favor of assessee. Once if I get it, I'll post it
Dear sir, I have same query, tell me also case law in case client may take 500 and 1000 note in demonetisation period. on things more I have mentioned in reply received cash in demonetisation period instead of deposit, kindly tell me remedy for appeal in cit.
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