Addition u/s. 68 towards cash deposit during demonetization deleted since it was out of cash sales

ACIT Vs Ganesan Anbuselvam (ITAT Chennai)

ITAT Chennai held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since cash deposit during demonetization duly reflected as cash sales and there was no abnormal spike in sales during demonetization.

Facts- The appellant, an Individual was engaged in the business of selling alcoholic beverages for human consumption under the name of Anbu Wines Bar. The appellant had deposited cash in his bank accounts, of Rs.58,62,000/- and Rs. 2,08,000/- in the form of SBN or i.e. demonetized currenci

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