23 April 2022
Sir; Assessee deposited cash of old notes during demonetisation period of around 35 lacs. Closing balance of cash on 8 nov 16 Say Rs. 24 lacs. Assessee is engaged in the business of liquor sales. AO adds Rs. 11 lacs under section 68 as unexplained income & charged tax us 115BBE @60% Plus surcharge @ 25%. However this 11 lacs assessee has showns as business income. Since assessee is a liquor dealer he cannot accept cash during demonetisation period. Is there any other way to defend ???
CAclubindia
