₹3.49 Cr Addition Deleted as Demonetisation Cash Deposits Matched Recorded Sales

Rakesh Jain Vs DCIT (ITAT Mumbai)

ITAT Mumbai Strikes Down ₹3.49 Crore Section 68 Addition—Demonetisation Cash Deposits Held as Genuine Recorded Sales; 115BBE Re-Taxation Unsustainable

The Tribunal held that the ₹3.49 crore cash deposit stands fully explained as recorded cash sales, duly supported by audited books, VAT Form-704, stock register, cash book and sales invoices. The AO rejected books without issuing show-cause, violating natural justice, and then invoked Section 68 on rejected books, which is impermissible in law. The ITAT noted that the di

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