ITAT Deletes ₹5.89 Cr Addition, Retains ₹25 Lakhs: Cash Sales Not Taxable Under 68/115BBE

ITO Vs Sahil Jain (ITAT Delhi) Cash Deposits During Demonetisation: Entire Addition of ₹5.89 Cr Deleted Except ₹25 Lakhs – Treated as Business Cash Sales, Not 68/115BBE Revenue appealed against CIT(A)’s order deleting an addition of ₹5,89,13,065 treated by AO as unexplained cash credits u/s 68 r.w.s. 115BBE. Assessee, a wholesaler/retailer of pan masala, tobacco products & mobiles, had deposited large cash during the demonetisation period, explaining it as cash sales. CIT(A) accepted the explanation after examining VAT returns, sale bills, stock records, month-wise cash sales, pe...