ITAT Delhi Deletes Demonetisation Addition for Cash Sales Properly Recorded in Books

Basant Kumar Aggarwal Vs ITO (ITAT Delhi) The ITAT Delhi deleted an addition of ₹9.41 crore made under Section 68 read with Section 115BBE on cash deposits during the demonetisation period, holding that the Assessing Officer and CIT(A) had proceeded merely on suspicion and assumptions without any concrete evidence. The assessee, a bullion trader, had deposited ₹26.89 crore in cash and explained the deposits as proceeds from cash sales recorded in the books during October and early November 2016. The Tribunal noted that the Revenue had not disputed the availability of stock, genuineness of ...