Demonetisation Cash Deposits: ITAT Cuts Section 68 Addition to ₹2 Lakh as Books Not Rejected

Gandaram & Sons Jewellers Pvt Ltd Vs ACIT (ITAT Delhi) Demonetisation Cash Deposits Largely Accepted: ITAT Restricts Addition to ₹2 Lakh and Disallows Section 115BBE for AY 2017-18 The Delhi ITAT partly allowed the appeal of Gandaram & Sons Jewellers Pvt. Ltd. and substantially reduced the addition made on account of cash deposits during the demonetisation period. The Assessing Officer had treated ₹2.25 crore as unexplained cash credit under Section 68 out of total deposits of ₹3.71 crore, after giving credit for income declared under IDS-2016, and the CIT(A) had confirmed the ad...