Section 68 Addition Deleted Due to Double Taxation of Recorded Sales Receipts

Sonny Fireworks Pvt. Ltd. Vs DCIT (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from an order dated 13.02.2024 passed by the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2017–18. The dispute concerned an addition of ₹3,09,37,567 made under Section 68 of the Income Tax Act in respect of specified bank notes (SBN) deposited during the demonetization period. The assessee, a company engaged in the manufacture and sale of fireworks, had deposited SBNs received from customers who had purchased goods on credit during the Diwali festiv...