No Double Taxation: ITAT Deletes Section 68 Addition on Cash Sales in Dairy Business

Dairy India Pvt. Ltd. Vs ACIT (ITAT Delhi) No Double Taxation – Cash Sales Already Recorded – Tribunal Quashes Addition u/s 68 in Dairy Business Case Assessee, engaged in manufacture & processing of milk foods, challenged order of CIT(A)  confirming partial addition on account of cash deposits during demonetization. AO noted that Assessee deposited Rs.4.78 crore in old currency during 08.11.2016–30.12.2016. Observing discrepancies in month-wise sales, lack of party-wise details & alleged sudden surge in cash sales, AO treated entire Rs.4.78 crore as unexplained u/s 68. In ap...