TamilNadu State Marketing Corporation Ltd. v. The Assistant Commissioner of Income Tax
Parties Involved
Facts Summary
The case involves a dispute over the addition of Rs.57.29 crores as unexplained investment by the Assessing Officer under Section 69 of the Income Tax Act, 1961, in respect of cash deposits made in Specified Bank Notes (SBNs) during the demonetization period from 09.11.2016 to 31.12.2016. The assessee, TamilNadu State Marketing Corporation Ltd., a government entity engaged in the retail vending of liquor, argued that the cash deposits were sourced from the sale of liquor and were accounted for in their books. The Revenue, however, argued that the acceptance of SBNs was illegal and the assessee failed to provide verifiable evidence to substantiate their claim.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the addition of Rs.57.29 crores as unexplained investment under Section 69 of the Income Tax Act, 1961, was justified.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
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