Cash Sales Recorded in Books Cannot Be Added Again Under Section 68

Ankit Vijaykumar Jain Vs DCIT (ITAT Ahmedabad) Cash Sales Recorded in Books Cannot Be Taxed Again u/s 68: ITAT Ahmedabad Deletes Demonetisation Addition & Commission Disallowance The Ahmedabad Bench of the ITAT allowed the assessee’s appeal for AY 2017-18 and deleted the addition of ₹48.02 lakh made under Section 68 in respect of cash deposits during the demonetisation period, holding that the same represented recorded business receipts and sales duly reflected in audited books of account. The Tribunal noted that the assessee was a regular fabric trader, maintained audited books which ...