Tribunal Rules Cash Sales Deposits Are Not Unexplained During Demonetization

Sudesh Jain Vs ITO (ITAT Chandigarh) Demonetisation Cash Deposit Addition Deleted- Chandigarh ITAT Accepts Cash Sales & Stock Position Chandigarh Tribunal examined the validity of an addition of Rs. 63,41,000/- made u/s 68 with tax charged u/s 115BBE. Assessee, engaged in wholesale & retail trading of sugar, edible oil & foodgrains, had deposited Rs. 68,35,000/- during the demonetisation period. AO treated the deposits as unexplained cash, granting credit of only Rs. 4,60,000/- as cash sales, and added the balance. CIT(A) sustained the addition. Tribunal noted that the authorities ...