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Books Audited, Sales Accepted – ITAT Deletes Section 68 Addition on Demonetisation Deposits
Case Law Details
- Case Name
- Nisheeth Bansal Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Nisheeth Bansal Vs ACIT (ITAT Delhi)
Books audited, Sales accepted- No Double Tax on Cash Sales – Cash Sales Duly Recorded in Books cannot be taxed again u/s 68-Assessee’s explanation remained Unrebutted -ITAT quashes Demonetisation cash deposit addition
Delhi ITAT deleted an addition of ₹25,47,890 made on account of alleged unexplained cash deposits during the demonetisation period, holding that once cash sales are duly recorded in audited books & accepted by the Dept, the proceeds thereof cannot be taxed again u/s 68.
Assessee, engaged in the business of paper trading, also earned ...
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