ITAT Deletes Demonetization Addition – Cash Sales Backed by VAT Accepted

Mohit Garg Vs ITO (ITAT Delhi)

No Double Taxation -AO Accepted Sales & VAT – Still Made 68 Addition- ITAT Delhi Deletes ₹50.18 Lakh Demon Cash Addition

Assessee, a retailer of kirana items, filed return of ₹6.48 lakhs. AO, comparing cash deposits of FY 2016-17 with earlier year, noted higher deposits during Nov–Dec 2016 & treated ₹50.18 lakhs as unexplained cash u/s 68 r.w.s. 115BBE. CIT(A) upheld the addition.

Before Tribunal, Assessee argued that books were never rejected, cash sales were duly recorded in P&L & VAT returns, and VAT taxes we

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