Suspicion Cannot Replace Proof: ITAT Mumbai Quashes ₹5.10 Cr Demonetisation Addition

Khimani Watch Company Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai Deletes ₹5.10 Crore Demonetisation Addition – Addition Based on Mere Suspicion – Books Not Rejected, Sales Duly Audited- No Double Taxation on Recorded Turnover – Once Profit Offered, No Further GP Addition Permissible Issue Whether cash deposits of ₹5.10 crore during demonetisation (Nov–Dec 2016) represented unexplained money u/s 69A, or were genuine sales proceeds duly recorded in books. Facts Assessee, a retailer of branded watches, filed return declaring income of ₹51.07 lakh. Based on a Tax Evasion Petition (T...