Demonetisation Cash Deposits Explained by Recorded Cash Sales: ITAT Delhi Deletes Addition

Banarsi Das Gupta HUF Vs ITO (ITAT Delhi) Demonetisation Cash Deposits Explained by Cash Sales Recorded in Books: ITAT Delhi Deletes Addition The Delhi Bench of the ITAT allowed the assessee’s appeal and deleted the addition of ₹46.80 lakh made on account of cash deposits during the demonetisation period for AY 2017-18. The Assessing Officer had treated the deposits as unexplained, alleging that the cash sales preceding demonetisation were artificial, confined to a short period, supported by handwritten invoices with buyers shown as “cash,” and lacked proper identification of purchaser...