Assessee, an aged lady, was engaged in business of selling religious items like sandal wood, janoi, diva etc. in a Parsi temple. Assessing Officer held that assessee had deposited cash aggregating to Rs. 20.32 lakhs in her bank account during period of demonetization.\u00a0 Assessing Officer assessed amounts of Rs. 7.20 lakhs as unexplained income of assessee under section 69A\u00a0 of the Act. CIT(A) up held the order of the AO. On appeal the Tribunal held that\u00a0 the\u00a0 assessee was carrying on business on small scale for past several years\u00a0 and she is\u00a0 not required to maintain books of account under law.\u00a0 Considering her age and business activities carried on by her, claim of past savings of Rs. 7.20 lakhs is deleted. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Business of selling religious items in a Parsi temple-Deposit of cash of Rs. 7.20 lakhs in bank account-Past savings-Demonetization period-Not maintaining the books of account-Addition is deleted. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51182","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-djw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51182"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51182\/revisions"}],"predecessor-version":[{"id":51183,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51182\/revisions\/51183"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}