ITAT Confirms Section 68 Additions for Unexplained Cash During Demonetisation

Bimal Kunjbihari Gorai Vs ITO (ITAT Ahmedabad) Demonetisation cash sales disbelieved: Jewellery trader’s books rejected, 68 addition & GP estimation upheld ITAT Ahmedabad dismissed assessee’s appeal & upheld major additions arising from cash deposits during demonetisation. Tribunal confirmed rejection of books u/s 145(3) noting absence of quantitative stock register, unverifiable stock valuation, abnormal spurt in cash sales to numerous customers just below ₹2 lakh without identity details, & mismatch in GP. It upheld addition of ₹59.90 lakh u/s 68 treating cash deposits as...