No Section 69A Addition for Demonetisation Cash Deposits From Recorded Jewellery Sales: ITAT Ahmedabad

DCIT Vs Bharatji Designer Jewellery Pvt. Ltd. (ITAT Ahmedabad) Addition Under Section 69A Cannot Be Made on Mere Suspicion During Demonetisation;  ITAT Deletes ₹2.35 Crore Addition Because Jeweller’s Books Showed Proper Stock and Sales Records;  ITAT Upholds Deletion of Demonetisation Addition Due to Lack of Specific Defects in Books; Abnormal Sales Increase During Demonetisation Alone Not Enough for Section 69A Addition. The ITAT Ahmedabad dismissed the Department’s appeal and upheld the deletion of addition of ₹2.35 crore made under Section 69A in respect of cash deposits made by a...