Held that the Commissioner (Appeals) had not considered the opening cash balance as on January 1, 2016. Considering the withdrawal for living expenses Addition to the extent of balance sustained. Tribunal also held that Provision for taxing cash credits at sixty Per Cent. introduced from 15-12-2016 is not applicable for earlier period. (AY.2017-18)
Nilaben Aravindbhai Lad v. ITO (2024)113 ITR 17 (SN)(Surat) (Trib)
S. 68 : Cash credits-Cash deposit-Demonetisation period-Agricultural income-Living expenses-Addition to the extent of balance sustained-Rate of tax-Provision for taxing cash credits at sixty Per Cent. introduced from 15-12-2016 is not applicable for earlier period.[S. 115BBEE]
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