{"id":63610,"date":"2026-08-03T23:08:54","date_gmt":"2026-08-03T17:38:54","guid":{"rendered":"https:\/\/itatonline.org\/digest\/dy-cit-v-tirupati-balaji-exim-p-ltd-2025-122-itr-591-174-taxmann-com-1077-chd-trib\/"},"modified":"2026-08-03T23:08:54","modified_gmt":"2026-08-03T17:38:54","slug":"dy-cit-v-tirupati-balaji-exim-p-ltd-2025-122-itr-591-174-taxmann-com-1077-chd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dy-cit-v-tirupati-balaji-exim-p-ltd-2025-122-itr-591-174-taxmann-com-1077-chd-trib\/","title":{"rendered":"Dy. CIT v. Tirupati Balaji Exim (P.) Ltd. (2025) 122 ITR 591 \/ 174 taxmann.com 1077 (Chd.)(Trib.)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>The assessee, engaged in the business of manufacture and trading of wool and woollen fabrics, deposited cash during the demonetisation period. The Assessing Officer treated the deposits as unexplained under section 68. The Tribunal held that the cash sales constituted only a small percentage of the total turnover, were duly recorded in the books of account, and the cash book, purchase and sales records, vouchers and ledger accounts were produced before the Assessing Officer. As no defect was pointed out in the books and no enquiry was conducted with the purchasers to rebut the assessee&#8217;s explanation, the source of the cash deposits stood satisfactorily explained. The deletion of the addition by the Commissioner (Appeals) was upheld. The Assessing Officer made a protective addition in the assessee&#8217;s hands on the ground that the sale proceeds received from one purchaser were returned to the assessee&#8217;s bank account after demonetisation, while the substantive addition had already been made in the purchaser&#8217;s hands. The Tribunal held that since the substantive addition was pending adjudication before the Commissioner (Appeals), the protective addition in the assessee&#8217;s case also required reconsideration. The matter was restored to the Commissioner (Appeals) to decide both issues together. (AY. 2017-18).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 68: Cash credits-Demonetisation-Cash deposits out of recorded cash sales-Books of account not rejected-Addition deleted-Assessment-Protective addition-Cash sales-Substantive addition pending in purchaser&#8217;s case-Matter remanded.[S.115BBE, 143(3), 145]<\/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-63610","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gxY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63610","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=63610"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63610\/revisions"}],"predecessor-version":[{"id":63611,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63610\/revisions\/63611"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=63610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=63610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=63610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}