Cash deposited during demonetization period due to cash sales cannot be added as unexplained

ITO Vs Manasa Medicals (ITAT Bangalore) ITAT Bangalore held that cash deposited on account of cash sales during demonetization period cannot be added as unexplained under section 68 of the Income Tax Act as AO didn’t rejected the books of accounts nor brough anything contrary on records to show that cash sales is not the source for cash deposit. Facts- The case of the assessee was selected for scrutiny for the purpose of verification of “large value of cash deposits during demonetization” and accordingly notices were issued to the assessee. After verification of the details submitted by ...