No Defect in Books, No Section 68- When Books Are Clean, Additions Can’t Stand

Hamasamani Silks Vs ITO (ITAT Chennai)

No Defect in Books, No Section 68- When Books Are Clean, Additions Can’t Stand — ITAT Deletes Cash Deposit Addition- Audited Books Prevail — Cash Deposits Accepted as Genuine

Assessee, a silk saree trader, deposited cash during the year-including the demonetisation period-& AO added ₹40,32,500 u/s 68, treating it as unexplained, merely because cash deposits in AY 2017-18 exceeded those in AY 2016-17. Books were audited u/s 44AB, & 95% of sales were in cash, generating large cash balances duly reflected i

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