ITAT Delhi: Recorded Cash Sales Accepted; Minimal 10% Addition Sustained

Gold Spice Impex Vs ITO (ITAT Delhi) Cash Deposits During Demonetisation Explained as Recorded Cash Sales—Books Accepted; Only 10% Sustained u/s 68 for Non-Compliance; 115BBE Not Applicable for AY 2017-18 The Assessee, a wholesale spice trader, filed return declaring ₹68,540. The case was selected for scrutiny owing to large cash deposits of ₹1.15 crore on 11.11.2016, abnormal increase in sales, and mismatch in customs duty data. Though the AO repeatedly sought year-wise cash-sales/cash-deposit details and issued summons u/s 131 to the partners, the Assessee failed to respond in the pres...