Held that when the purchases and sales were not doubted, books of account is not rejected cash deposited in bank cannot be assessed as cash credits. Tribunal sustained only of 10 per cent of cash deposit to avoid the possibility of revenue leakage and Liable to be assessed as normal rate and not enhance rate as per S.115BBE of the Act. (AY.2017-18)
Kediam Gem (P) Ltd. v.ITO (2024) 229 TTJ 344 / 236 DTR 369 / 38 NYPTTJ 397 / 164 taxmann.com 736 ((Surat) (Trib)
S. 68 : Cash credits-Cash deposits in bank account-demonetization period-Sales not doubted-Books of account not rejected-Addition is sustained only of 10 per cent of cash deposit to avoid the possibility of revenue leakage-Liable to be assessed as normal rate and not enhance rate as per S.115BBE of the Act. [S.115BBE]
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