Demonetisation Cash? ITAT Says: Genuine Sales, Genuine Stock, No Section 68 Shock

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. H

Please become a Premium member. If you are already a Premium member, login here to access the full content.