Jewellery Trade Cash Deposits During Demonetization – ITAT Jaipur Deletes Addition

Alka Khandaka Vs ITO (ITAT Jaipur) ITAT Jaipur deletes ₹44.61 lakh addition – Cash deposits during demonetization held as explained through recorded sales Assessee, proprietor of M/s Alka Gems, engaged in jewellery trade, filed ITR u/s 44AD declaring income of ₹12.53 lakh on sales of ₹80.54 lakh. During scrutiny, AO noticed cash deposits of ₹44.61 lakh in United Bank of India between 9.11.2016 & 30.12.2016 (demonetization period). AO held that Assessee failed to prove the genuineness of purchases & sales, as one of the suppliers, M/s Parijat International, was found non-exist...