No Section 68 Addition on Demonetisation Cash Deposits Supported by Business Receipts: ITAT Delhi

Atish Singla Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, allowed the appeal against the addition of Rs.39.60 lakh made under Section 68 of the Income Tax Act on account of cash deposits during the demonetisation period. The assessee, engaged in the business of trading and manufacturing footwear under the name M/s A.N. International, had filed the return of income for Assessment Year 2017-18 declaring income of Rs.6.36 lakh under the presumptive taxation scheme of Section 44AD. The case was selected for scrutiny due to abnormal cash deposits during the demonetisat...