Unjustified Section 68 Addition: Gold Sale Cash Receipts Recorded in Books

Abhishek Prakashchand Chhajed Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that treatment of cash receipts from sale of gold/gold ornaments which are duly recorded in audited books of account cannot be treated as unexplained cash credit under section 68 of the Income Tax Act. Facts- The assessee is an individual who claimed to be engaged in the business of trading gold and silver items under the name and style of M/s Adheshwer Jewelers. The assessee during the demonetization period deposited cash amounting to Rs. 50 Lakh in the bank account held with Yes Bank and UCO Bank. Assessee submitted th...