ITAT Mumbai – Entire Demonetisation Cash Addition Deleted; Belated VAT Returns not Ground for Sec.68 Addition

P.V. Media Vision Pvt. Ltd Vs ACIT (ITAT Mumbai)

The assessee company faced addition of ₹4.74 cr u/s 68 towards cash deposits during FY 2016-17 (including demonetisation period). The AO treated the whole cash deposit as unexplained alleging fabricated cash sales, doubtful debtor recoveries & abnormal cash balances.

On appeal, CIT(A) accepted that cash deposits largely arose from regular business activities such as cash sales, debtor re

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