ITAT Delhi Deletes Demonetisation Addition for Cash Sales Already Offered to Tax

Vijay Kumar Jain Vs ITO (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal, Delhi Bench, arose from the assessment order passed under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2017-18, wherein an addition of ₹1,36,90,000 was made under Section 68 read with Section 115BBE on account of cash deposits during the demonetisation period. The assessee challenged the addition, contending that the cash deposited in the bank represented genuine cash sales already recorded in the books of account and offered to tax. The assessee, engaged in the business of trading in ...