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ITAT Delhi Allows Appeal – Sec 68 Addition of Demonetisation Cash Deposits Deleted as Sufficient Cash Sales & Books Not Rejected
Case Law Details
- Case Name
- Marche Retail Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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 record...
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