Demonetisation Cash Deposit Accepted for Petrol Pump Sales: Why ₹1.53 Cr Addition was Deleted

Vasudev Chotabhai Patel Vs ITO (ITAT Ahmedabad) Petrol Pump Wins! Demon Cash Sales Accepted – ₹1.53 Cr Addition Deleted When Law Allowed Old Notes at Petrol Pumps, How Can AO Doubt Sales? -Suspicion is Not Evidence Assessee is engaged in running a petrol pump. He filed return declaring total income of ₹27.41 crores. During demonetisation period, he deposited cash of ₹1.53 crores into his bank account. AO held that the Assessee failed to prove that this cash represented genuine sales & that sales during demonetisation were abnormally high compared to the rest of the year. AO treate...