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High sales during demonetization cannot be reason to assume that sales were fictitious
Case Law Details
- Case Name
- Shyam Sunder Baheti Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Shyam Sunder Baheti Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that addition towards unexplained cash credit u/s. 68 unsustainable since AO cannot assume that sales were fictitious sales just because the sales are high in the period of demonetization. Thus, addition deleted since assessee as explained reason for increase in sales.
Facts- The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period. AO after considering the relevant evidences...
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