ITA No.2665/Del/2022
Case No: ITA No.2665/Del/2022
Court: THE INCOME TAX APPELLATE TRIBUNAL, 'E' BENCH, DELHI
Date: 3/12/2025
Parties Involved
appellantACIT, CC-5
respondentM/s Shiv Naresh Sports Private Limited
Facts Summary
The assessee, M/s Shiv Naresh Sports Pvt. Ltd., engaged in manufacturing and trading of sportswear and sports goods, filed its return of income for Assessment Year 2017-18 declaring a total income of Rs.2,90,49,410/-. The case was selected for scrutiny assessment, and a notice was issued to the assessee to explain the source of cash deposits of Rs.2,22,94,000/- made during the demonetization period. The assessee claimed that the deposits were from cash sales. However, the Assessing Officer (AO) …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the cash deposit of Rs.2,22,94,000/- made during demonetization should be treated as unexplained credit under Section 68 of the Income Tax Act, 1961.
- 2. Whether the disallowance of deduction under Section 80JJAA to the tune of Rs.18,57,092/- was justified.
Precedents Relied Upon
1 precedent cited in this judgement.