{"id":29098,"date":"2022-08-16T18:00:51","date_gmt":"2022-08-16T12:30:51","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=29098"},"modified":"2022-08-17T06:02:03","modified_gmt":"2022-08-17T00:32:03","slug":"cash-deposit-in-saving-bank-a-c-addition-u-s-68-of-it-act","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/cash-deposit-in-saving-bank-a-c-addition-u-s-68-of-it-act\/","title":{"rendered":"Cash Deposit in Saving Bank A\/c. Addition u\/s 68 of IT Act"},"content":{"rendered":"<p>Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places &amp; was receiving payment in his SB A\/c deposited in cash at respective places of purchasers.<br \/>\nNo books of A\/c maintained. No purchase &amp; sale bills are available.<br \/>\nSaving bank statement clearly revels that &#8211;<br \/>\n(i) Simultaneous deposits &amp; withdrawals in bank A\/c<br \/>\n(ii)No capital expense.<br \/>\n(iii) Increase in bank balance about Rs8000<br \/>\n(iv) Peak credit about Rs.500000.<\/p>\n<p>During FY 10-11 on the basis of AIR information that assessee has deposited more than 10 Lac in SB A\/c notice u\/s 148 was issued.<br \/>\nThe said notice was not responded by the assessee due to family &amp; medical problems.<br \/>\nOrder u\/s 144 was passed making an addition of Rs 3900000 u\/s 68 being the total cash deposits in SB A\/c.<br \/>\nThe assessee in appeal before CIT(A).<br \/>\nPlea before CIT-<br \/>\n(i)For applying reasonable NP rate on sales of RS390000<br \/>\n(ii)Alternatively restricts the addition to peak credit.<\/p>\n<p>Kindly advice with case laws.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[147,671,538,218],"class_list":["post-29098","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-cash-credits","qa_tag-cash-deposited-in-bank","qa_tag-section-68","qa_tag-unexplained-cash-credit"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/29098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29098"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29098"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=29098"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=29098"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=29098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}