Cash Sales During Demonetisation Held Genuine, Section 68 Fails

Zia Rathi Vs ITO (ITAT Delhi)

Cash Sales Accepted, Demonetisation Deposits Explained: ITAT Deletes ₹2.23 Cr Addition and Rejects Section 68/115BBE

The Delhi ITAT allowed the assessee’s appeal and deleted the addition of ₹2.23 crore made under Section 68 on account of cash deposits during the demonetisation period. The assessee, a retail trader in imported PVC coated fabric, had explained that the deposits were made out of regular cash salesPlease become a Premium member. If you are already a Premium member, login here to access the full content.