Demonetisation Cash Deposits Explained from Books: ITAT Deletes Section 68 Addition Despite ITS Mismatch

New Saha Dyers And Processors Vs DCIT (ITAT Kolkata) Demonetisation Cash Deposits Explained from Books: ITAT Deletes Section 68 Addition Despite ITS Mismatch The Kolkata Bench of the ITAT dealt with an appeal arising from addition made on account of cash deposits during the demonetisation period for AY 2017-18. The Assessing Officer had treated cash deposits as unexplained under section 68, relying primarily on ITS data, initially making an addition of about ₹1.48 crore, while the CIT(A) enhanced the addition to ₹3.45 crore based solely on ITS figures. Before the Tribunal, the assessee dem...