Accepted Sales Sufficient; Debtor Confirmations Not Mandatory: ITAT Deletes Demonetisation Additions

Umabayi Gamanagatti Vs ITO (ITAT Bangalore) Bangalore ITAT Deletes Demonetisation Additions; Confirmations from Debtors Not Mandatory When Sales Are Accepted The Bangalore ITAT in Umabayi Gamanagatti (through Legal Heir) v. ITO deleted additions of ₹4.50 lakh and ₹6.11 lakh arising from cash deposits during the demonetisation period. The assessee, a petrol and diesel trader, had explained that the cash deposits represented amounts recovered from sundry debtors against sales already recorded in the books of account. During assessment, the Assessing Officer questioned cash deposits made duri...