High Cash Sales During Demonetization Can’t Be Rejected Without Evidence

Fine Gujaranwala Jewellers Vs ITO (ITAT Delhi) In a significant ruling for businesses impacted by the 2016 demonetization, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, has deleted an addition of Rs. 1,37,95,040 made against Fine Gujaranwala Jewellers for assessment year 2017-18. The addition, initially made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, as unexplained cash credit and upheld by the Commissioner of Income Tax (Appeals) [CIT(A)] / National Faceless Appeal Centre (NFAC), was challenged by the assessee. The ITAT’s decision, pronounced on...