ITAT Deletes Section 68 Addition on Explained Demonetisation Cash Deposits

JBA Metal Company Vs ACIT (ITAT Chennai) Chennai ITAT: Cash Deposits During Demonetisation Cannot Be Taxed Under Section 68 Merely on Suspicion; Refund of Business Advances Accepted The Chennai ITAT held that cash deposits made in Specified Bank Notes (SBNs) during the demonetisation period cannot be treated as unexplained cash credits under section 68 merely because they were deposited after 8 November 2016, where the assessee furnishes a credible explanation supported by regularly maintained books of account. The assessee, engaged in the manufacture of MS billets, MS ingots and TMT rods, exp...