ITAT Deletes Section 68 Addition on Recorded Cash Sales During Demonetisation

ACIT Vs Mahendra Kumar Agarwal (ITAT Jaipur) The ITAT Jaipur dismissed the Revenue’s appeal against the order of the CIT(A), which had deleted an addition of ₹1,41,32,000 made under Section 68 in respect of cash deposited in demonetised currency during the period from 9 November 2016 to 31 December 2016. The assessee, an individual engaged in the business of trading in bullion, precious stones, diamonds and manufacturing jewellery through a proprietorship concern, maintained audited books of account and had filed a return declaring income of ₹1,27,020. During scrutiny assessment unde...