Cash Deposits from Recorded Sales During Demonetization – Addition u/s 68 Deleted

Metro Agri Industries Ltd Vs ITO (ITAT Delhi) Cash Deposits During Demonetization from Recorded Cash Sales – Addition u/s 68 Deleted ITAT Delhi Assessee, engaged in manufacturing & trading of rice, filed return declaring Nil income after set-off of unabsorbed depreciation, while declaring book profit of ₹7,80,204/- u/s 115JB & paying MAT. AO noted that during demonetization period, Assessee deposited ₹61,45,000/- cash in bank. AO gave credit for opening cash balance of ₹13,37,249/- but treated balance ₹48,07,751/- as unexplained cash credit u/s 68, holding that cash sales wer...