Addition u/s. 68 not tenable post rejection of books of accounts: ITAT Indore

Dharmendra Doshi Vs ITO (ITAT Indore) ITAT Indore held that addition under section 68 of the Income Tax Act, after rejection of books of accounts under section 145, by the AO is not justifiable in law. Accordingly, AO is directed to delete the addition. Facts- The assessee- individual is engaged in the business of trading of plastic scrap and old bottles. The case of assessee was selected for scrutiny assessment for the reason of abnormal increase in cash deposited during demonetization period as compared to pre-demonetisation. AO considered assessee’s submissions and accepted only a deposit...