Cash Sales Recorded: ITAT Deletes ₹1 Cr Addition under Section 68

DCIT Vs Radhika Diamonds (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], who had deleted an addition of ₹1,00,00,000 made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, for the assessment year 2017-18 in the case of DCIT vs. Radhika Diamonds. The AO had made the addition, treating a cash deposit of ₹1,00,00,000 during the demonetization period as unexplained income from undisclosed sources, invoking Section 115BBE. The AO’s prim...