ITAT Delhi Allows Appeal – Sec 68 Addition of Demonetisation Cash Deposits Deleted as Sufficient Cash Sales & Books Not Rejected

Marche Retail Pvt. Ltd. Vs ACIT (ITAT Delhi) In the case of Marche Retail Pvt. Ltd., the ITAT Delhi deleted the addition of ₹35,22,000 made u/s 68 r.w.s. 115BBE relating to demonetisation-period cash deposits. The AO treated certain December-2016 deposits as unexplained mainly because they were not deposited immediately after the announcement of demonetisation, while CIT(A) dismissed the appeal ex-parte. The Tribunal observed that the assessee was engaged in FMCG retail with multiple outlets and had already furnished detailed cash deposit statements, VAT returns, bank records & audited b...