Addition u/s. 68 towards cash deposit during demonetization unwarranted as genuineness of cash sales proved

Abhay Chordia Vs ACIT (ITAT Jaipur)

ITAT Jaipur held that addition towards unexplained cash deposit during demonetization under section 68 without rejection of books of accounts is unwarranted. Further, addition is also not warranted as genuineness of cash sale duly proved.

Facts- The present appeal has been preferred by the assessee. Assessee has mainly contested that the AO failed to discharge the burden of proof which squarely lay upon him for not treating the cash sales made by the assessee on 08/11/2016 of Rs. 4,35,91,454/- as genuine and consequential

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