Demonetisation Cash Deposits Deleted – Source Explained from Books & Sales

Advertisement ITO Vs Vinod Kumar Kansal (ITAT Delhi) The ITAT Delhi dismissed the Revenue’s appeal and upheld deletion of addition of ₹1.54 crore made on account of cash deposits during the demonetisation period. The assessee, a jeweller, explained that the deposits were sourced from recorded cash sales and existing cash balances reflected in regularly maintained books, supported by month-wise cash book, VAT records, stock details and audited financial statements (as seen from the cash flow table reproduced on page 2). The Tribunal noted that purchases, sales, stock movement and VAT tur...