Additions of ₹1.46 Cr demonetization cash deposits and derivative losses were remanded for fresh adjudication

APR Jewellers (P) Ltd Vs ITO (ITAT Hyderabad)

Conclusion: Additions made on account of cash deposits during the demonetization period and disallowance of loss on the derivative transactions, were remanded for fresh adjudication after the verification of sales records and transaction nature.

Held: Assessee was engaged in retail trade of gold bars and jewellery, filed its return declaring income of ₹1,78,860/-. The case was selected for scrutiny on issues of cash deposits during demonetization, loans & advances, and computation of income

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