ITAT Mumbai Deletes Section 68 Addition on Recorded Cash Sales

Advertisement Lalit R Jagawat HUF Vs DCIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017-18, deleting the addition made under Section 68 of the Income-tax Act in respect of cash deposits during the demonetisation period. The assessee, a Hindu Undivided Family engaged in the business of trading in gold and silver jewellery, challenged the addition of ₹2,25,04,409 treated as unexplained income and taxed under Section 115BBE. The Revenue had made the...