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ITAT Deletes ₹5.89 Cr Addition, Retains ₹25 Lakhs: Cash Sales Not Taxable Under 68/115BBE
Case Law Details
- Case Name
- ITO Vs Sahil Jain (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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ITO Vs Sahil Jain (ITAT Delhi)
Cash Deposits During Demonetisation: Entire Addition of ₹5.89 Cr Deleted Except ₹25 Lakhs – Treated as Business Cash Sales, Not 68/115BBE
Revenue appealed against CIT(A)’s order deleting an addition of ₹5,89,13,065 treated by AO as unexplained cash credits u/s 68 r.w.s. 115BBE. Assessee, a wholesaler/retailer of pan masala, tobacco products & mobiles, had deposited large cash during the demonetisation period, explaining it as cash sales.
CIT(A) accepted the explanation after examining VAT returns, sale bills, stock records, month-wi...
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