No Defect in Books, No Section 68 Addition: Relief on Demonetisation Cash Deposits

DCIT Vs La Solitaire Jewels Pvt. Ltd (ITAT Delhi) No Defect in Books, No Section 68 Addition – Tribunal Affirms CIT(A) Relief to Jewellery Firm- Increase in Cash Sales Not Enough to Doubt Genuineness – Revenue filed appeal against order of CIT(A)/NFAC, New Delhi dated 22.11.2023, deleting addition of ₹8.30 crore made u/s 68 on account of cash deposits during the demonetisation period. Assessee, a jeweller, had declared income of ₹61.11 lakh. AO noted cash deposits of ₹8.30 crore during November–December 2016, representing a 1349% increase in cash sales compared to the preceding yea...