Cash Deposit during Demonetization Period – AO must do comparative analysis of cash deposits with sales

Bhoopalam Marketing Services Pvt. Ltd Vs ACIT (ITAT Bangalore) Learned Assessing Officer has passed an order u/s 144 by making addition of Rs.2,98,08,080/-U/s 69A read with section 115BBE, being cash deposited during the demonetization period as unexplained money, without considering the turnover of Rs.70,40,80,419/-, the figures which were readily available in the IT portal when the form 3CA/3CD was filed by the auditor. Entire sales are only in cash as the buyers of currency are small and sundry shop keepers whose purchases on an average is Rs.150/. In each case at each time the purchases ra...