Demonetisation Sales Cannot Be Treated as Bogus for Accepting SBNs: ITAT Bangalore

Sri. Soger Malleshappa Manjunath Kanasoger Mane Mugulikoppa Vs CIT (Appeals) (ITAT Bangalore) Demonetisation Sales Can’t Become “Bogus” Just Because SBNs Were Accepted- ITAT Bangalore Deletes ₹29.27 Lakh Addition! The Bangalore ITAT deleted an addition of ₹29.27 lakh made u/s 68 during the demonetisation period, holding that once the assessee had properly recorded the cash sales in audited books, VAT returns, stock registers and cash book, the same could not be treated as unexplained cash credit merely because the sales proceeds were received in Specified Bank Notes (SBNs). The Tribu...