Extraordinary event of demonetization to be considered while comparing cash sales during that period

Advertisement DCIT Vs Aura Jewels (ITAT Bangalore) ITAT Bangalore held that addition u/s. 68 treating cash sales as unexplained cash credit merely due to unusual increase in volume of sale during demonetization period as compared to average monthly cash sales not justified as extraordinary event of demonetization not considered. Facts- The assessee, a partnership firm, is engaged in the retail trading of jewelry, gold, silver, and other ornaments. During the assessment proceedings, AO found that the assessee had reported a gross receipt of ₹21.99 crores in its return of income, with cash ...