Section 68/115BBE Not Applicable on Recorded Cash Sales – ITAT Deletes ₹7.04 Cr Addition

DCIT Vs Artex Textile Private Limited (ITAT Delhi) No Double Taxation on Recorded Cash Sales- Section 68/115BBE Not Applicable Where Cash Sales Are Duly Recorded Assessee, engaged in fabric trading, had deposited ₹7.04 crores in cash during demonetization (Nov–Dec 2016). AO rejected books u/s 145(3), alleging abnormal spike in October–November sales & nil sales in later months, treating deposits as unexplained u/s 68. Additions were also made for estimated NP & cash receipt from vehicle sale. CIT(A), after detailed examination, held rejection of books as void-ab-initio, noting th...