Cash Sales During Demonetisation Held Genuine, Section 68 Fails

Zia Rathi Vs ITO (ITAT Delhi) Cash Sales Accepted, Demonetisation Deposits Explained: ITAT Deletes ₹2.23 Cr Addition and Rejects Section 68/115BBE The Delhi ITAT allowed the assessee’s appeal and deleted the addition of ₹2.23 crore made under Section 68 on account of cash deposits during the demonetisation period. The assessee, a retail trader in imported PVC coated fabric, had explained that the deposits were made out of regular cash sales duly recorded in audited books of account, supported by sales registers, purchase registers, stock records, cash book and VAT returns. The Tribunal n...