Section 68: Cash Receipts from Jewelry Sales Not Unexplained Cash Credits 

ITO Vs Sahana Jewellery Exports Pvt. Ltd. (ITAT Chennai) Introduction: The Income Tax Appellate Tribunal (ITAT) in Chennai recently adjudicated a case between the Income Tax Officer (ITO) and Sahana Jewellery Exports Pvt. Ltd., revolving around the assessment year 2017-18. The dispute primarily centered on the cash deposits made during the demonetization period, with the ITO asserting that the deposits amounting to Rs. 51,39,39,100 were unexplained cash credits under Section 68 of the Income Tax Act, 1961. Factual Background: Sahana Jewellery Exports Pvt. Ltd., engaged in the trading of gold a...