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Addition during demonetization not sustained in absence of any abnormal trend of cash sales
Case Law Details
- Case Name
- Jagdamba Optics Pvt Ltd Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Jagdamba Optics Pvt Ltd Vs DCIT (ITAT Delhi)
Held that the cash sales and corresponding cash deposits have been a regular feature of the business of the assessee and there is certainly no abnormal trend of cash sales and cash deposit during the demonetization period. Accordingly, addition deleted.
Facts- The appellant company is a 100% importer wherein it purchases spectacle lenses from China and sells the same from a shop situated at Fatehpuri, Chandni Chowk, New Delhi and a shop-cum-godowns at Noida. The nature of the business of the assessee is such that it has wholesale as well as retail s...
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