Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Addition of ₹24.48 Lakh for Unexplained Cash Deposits: ITAT allows ₹15.48 Lakh, confirms ₹9 Lakh as Unexplained
The ITAT allowed the addition of ₹1 lakh for unexplained cash deposits, confirming ₹2 lakh as unexplained. The case involved cash deposits made during the demonetization period, with the taxpayer unable to provide satisfactory explanations for the source of funds. Despite claims of the deposits being legitimate business income, the tax authorities raised concerns regarding the authenticity. The tribunal upheld the disallowance of the ₹2 lakh, stressing the need for proper documentation and clear evidence of the deposit’s source. However, the ₹1 lakh addition was allowed, as it was considered within acceptable business norms, showcasing the tribunal’s balanced approach.