Provisions of section 68 doesn’t apply when cash sales reflected in books of accounts

DCIT Vs Bawa Jewellers Pvt Ltd (ITAT Delhi) ITAT Delhi held that provisions of section 68 of the Income Tax Act cannot be applied in relation to the cash sales receipt shown by the assessee in its books of accounts. Facts- During the assessment proceedings, AO noticed that the assessee company has deposited cash of Rs.21,69,98,000/- from 09.11.2016 to 31.12.2016 during demonetization period and the assessee was asked to produce relevant documents in support of its cash deposits. The assessee furnished month wise cash sales, cash deposits, purchases, opening cash in hand, advances from debtors,...