AO Can’t Cry ‘SBN Violation’ to Tax Genuine Sales – Demonetisation or Not – Once Sales Are in the Books, You Can’t Tax the Cash Twice

Girish Karamshi Dedhia Vs DCIT (ITAT Mumbai) AO Can’t Cry ‘SBN Violation’ to Tax Genuine Sales – Demonetisation or Not – Once Sales Are in the Books, You Can’t Tax the Cash Twice You Accepted Sales, You Accepted Profit; But You Taxed the Cash? ITAT Says NO- Section 69A Cannot Override Logic ITAT Mumbai deletes addition on demonetisation cash deposits – Once cash sales & books are accepted, Section 69A cannot be invoked merely due to SBN notification. Assessee, an individual running a petrol pump under the proprietorship “M/s. Autopushp”, filed his return declaring a loss....