The assessee’s appeal was filed belatedly as no physical copy of the appellate order had been received, and the assessee was unaware of the order due to irregular checking of the Department’s portal. The Tribunal condoned the delay, holding that it was neither intentional nor deliberate. On merits, the Assessing Officer had treated cash deposits made during the demonetisation period as unexplained cash credits under section 68 and taxed the same under section 115BBE. The Tribunal observed that no independent enquiry had been conducted regarding the assessee’s agricultural holdings or agricultural receipts and that the claim had not been disproved. Considering the facts, an ad hoc disallowance of 10% of Rs. 27,14,000 was held sufficient to safeguard the interests of the Revenue. The Tribunal further held that the enhanced rate under section 115BBE was not applicable for A.Y. 2017-18. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credits-Cash deposits during demonetisation-Addition was deleted-the enhanced rate under section 115BBE was not applicable for A.Y. 2017-18-Agricultural income-Ad hoc disallowance of 10% was deleted. [S. 115BBE] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62399","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ger","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62399","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=62399"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62399\/revisions"}],"predecessor-version":[{"id":62400,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62399\/revisions\/62400"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}