Demonetization Cash Deposits Accepted as Genuine Business Receipts

DCIT Vs Saluja Overseas Pvt. Ltd. (ITAT Delhi) Books Cannot Be Rejected for Mere Absence of Stock Register; Loans Repaid in Same Year and Demonetisation Cash Sales Accepted: ITAT Delhi Dismisses Revenue’s Appeal The Delhi Bench of the ITAT dismissed the Revenue’s appeal for AY 2017-18 and upheld the order of the CIT(A) deleting three major additions made in the assessment of Saluja Overseas Pvt. Ltd. First, the Tribunal affirmed deletion of the ₹79.14 lakh addition made by rejecting books under section 145(3) and estimating profits. It held that non-maintenance of item-wise stock registe...