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Cash Sales During Demonetisation Held Genuine, Section 68 Fails
Case Law Details
- Case Name
- Zia Rathi Vs ITO (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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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 sales duly recorded in audited books of account, supported by sales registers, purchase registers, stock records, cash book and VAT returns. The Tribunal n...
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