Matter Remanded as Stock & Sales Figures Mismatched During Demonetisation: ITAT Lucknow

ACIT Vs Mallics Jewels (ITAT Lucknow) The Income Tax Appellate Tribunal, Lucknow Bench dealt with a Revenue appeal for Assessment Year 2017–18 challenging the deletion of an addition of ₹2.75 crore relating to cash deposits of specified bank notes during the demonetisation period. The Assessing Officer (AO), by an order dated 28 December 2019 passed under Section 143(3) of the Income-tax Act, 1961, had treated the cash deposits as unexplained under Section 68 and determined total income at ₹2,98,83,240 as against the returned income of ₹23,83,240. The National Faceless Appeal Centre (C...