ITAT Upholds Deletion of ₹9.84 Crore Addition on Demonetisation-Era Cash Deposits

ACIT Vs Pradeep Patil (ITAT Delhi)

ITAT Delhi Upholds Deletion of ₹9.84 Crore Addition – Cash Deposits During Demonetisation Accepted as Genuine Sales

Delhi ITAT dismissed Revenue’s appeal against CIT(A)’s order deleting addition of ₹9.84 crore made u/s 68 in the case of Pradeep Patil, proprietor of M/s Patil Enterprises, a jeweller dealing in gold, silver, kundan & diamond jewellery.

Assessee filed return declaring income of ₹22.91 lakh. Case was selected for complete scrutiny. AO noted large cash deposits of ₹10.16 crore during demonetisation perio

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