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Demonetisation Cash? ITAT Says: Genuine Sales, Genuine Stock, No Section 68 Shock
Case Law Details
- Case Name
- Shivansh Dairy Products Private Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Shivansh Dairy Products Private Limited Vs ITO (ITAT Delhi)
Conjectures Can’t Defeat Calculation – ITAT Deletes Entire 68 Addition
Assessee, engaged in the dairy business, filed its return declaring income of ₹6,16,930. The case was selected for scrutiny due to “abnormal increase in cash deposits during demonetisation”. Assessee had deposited ₹48,48,186 in old currency between 09.11.2016 and 31.12.2016.
To justify the source, Assessee submitted cash sales details, month-wise sales & purchase charts, stock statements, and VAT returns. However, AO alleged:
Stock position was neg...
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