Books Audited, Sales Accepted – ITAT Deletes Section 68 Addition on Demonetisation Deposits

Nisheeth Bansal Vs ACIT (ITAT Delhi)

Books audited, Sales accepted- No Double Tax on Cash Sales – Cash Sales Duly Recorded in Books cannot be taxed again u/s 68-Assessee’s explanation remained Unrebutted -ITAT quashes Demonetisation cash deposit addition

Delhi ITAT deleted an addition of ₹25,47,890 made on account of alleged unexplained cash deposits during the demonetisation period, holding that once cash sales are duly recorded in audited books & accepted by the Dept, the proceeds thereof cannot be taxed again u/s 68.

Assessee, engaged in the business of p

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