Held, that the assessee\u2019s total cash deposits made during the year was Rs.\u200281,24,000, out of which only a small portion was deposited during the demonetisation period. If balance of the amount could become part of the gross turnover, a separate treatment could not be given to the normal deposit of money during the demonetisation period. Thus, the sum deposited during demonetisation period could not be assessed under section 69A, but to be construed as part of the gross turnover. The Assessing Officer is directed to take only 8 per cent. of the alleged gross turnover. Separate addition under section 69A is deleted. When\u00a0 income is determined on estimate basis, bank transactions could not be segregated merely because deposits were made during the demonetisation period. \u00a0(AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 44AD : Presumptive basis-Unexplained money-Cash deposits Demonetisation-Cash deposits to be treated as part of gross turnover-Assessing Officer is directed to take only 8 Per Cent. of alleged gross turnover-Addition under section 69A is deleted-When the income is determined on estimate basis, bank transactions could not be segregated merely because deposits were made during the demonetisation period. [S.69A, 147, 148] <\/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-52240","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dAA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52240","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=52240"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52240\/revisions"}],"predecessor-version":[{"id":52241,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52240\/revisions\/52241"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}