Jewellery Cash Sales Spike Normal: ITAT Rejects Average Sales Comparison Reason

Sanjay Malhotra Vs ITO (ITAT Delhi) Demonetisation Panic, Festive Sales Spike – ITAT Says That’s Normal- Cash Sales Already Taxed – Tribunal Stops AO from Taxing It Twice Sanjay Malhotra, a jewellery trader, filed his return declaring ₹15,06,840. During demonetisation (09.11.2016 to 30.12.2016), he deposited ₹1,29,47,000 in cash in HDFC Bank. The AO asked for source of deposits. Assessee explained that he had regular cash sales & furnished details of opening cash, sales from 01.11.2016 to 08.11.2016 (₹1.28 crore), closing cash on 08.11.2016 (₹1.27 crore) & VAT returns. Bo...