ITAT Deletes Section 68 Addition for Recorded Business Cash Deposits during Demonetisation

Ankit Garg Vs ITO (ITAT Delhi) Cash Sales Recorded in Books—No Rejection of Accounts: ITAT Delhi Deletes Entire ₹1.23 Cr Demonetisation Addition The ITAT Delhi held that cash deposits made during demonetization cannot be taxed as unexplained income under Section 68 when they are duly recorded in audited books, supported by sales records, stock reconciliation, and VAT filings. Emphasizing that authorities cannot reject declared turnover without first rejecting the books of account, the Tribunal deleted the ₹1.24 crore addition, preventing double taxation and reinforcing that properly docu...