ITAT Delhi Upholds Deletion of Section 68/69C Additions on Demonetisation Cash Sales Evidence

ACIT Vs Ghaziabad Ship Breakers Pvt. Ltd. (ITAT Delhi) Demonetisation Cash Sales Accepted on Primary Evidence: ITAT Delhi Upholds Deletion of Section 68, Stock & 69C Additions The Delhi Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) deleting multiple additions made in the case of a ship-breaking company for AY 2017-18. The Assessing Officer had treated cash sales of ₹1.32 crore during October 2016 as bogus and added the same under section 68, primarily relying on abnormal spikes in cash sales just prior to demonetisation, unusual pricing patterns, r...