Section 68 Addition Unjustified for Deposits of Taxed Cash Sales during Demonetization

JCIT Vs Aries Agro Ltd. (ITAT Mumbai) Mumbai, India – The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has dismissed an appeal filed by the Joint Commissioner of Income Tax (JCIT) – 14(1)(1) against Aries Agro Ltd., upholding the decision of the National Faceless Appeal Centre, Delhi (NFAC) to delete additions made under Section 68 of the Income Tax Act, 1961. The case pertains to the assessment year 2017-18 and revolves around substantial cash deposits made by Aries Agro Ltd. in Specified Bank Notes (SBNs) during the demonetization period. The revenue had contended that these deposit...