ITAT Deletes Demonetization Cash Deposit Addition as Books & VAT Records Were Accepted

Paaneri Exim Pvt. Ltd. Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) [NFAC] for Assessment Year (AY) 2017-18 and directed deletion of the addition of ₹1,90,82,500 made in respect of cash deposits during the demonetization period. At the outset, the Tribunal condoned a delay of 25 days in filing the appeal after noting that the director handling the income-tax matter had faced a medical emergency. Since the Revenue did not strongly object to the delay, the appeal was admitte...