Addition deleted as cash withdrawals during pre-demonetization more than cash deposited during demonetization

ACIT Vs Omaxe Forest SPA and Hills Developers Ltd. (ITAT Delhi)

ITAT Delhi held that when the assessee has shown cash withdrawals during pre demonetization period more than the cash deposited during demonetization then the source cannot be disputed. Accordingly, addition u/s. 68 deleted.

Facts- The present appeal is preferred by the revenue contesting that CIT(A) has erred in deleting addition of Rs. 2 Cr. made u/s 68 of the Act ignoring the impounded documents seized from

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