Sales in Books Accepted, But ‘Cash Buyer’ Bills Trigger Remand

Rajendra Kumar Shet Vs ITO (ITAT Bangalore) ITAT Bangalore Restores Jewellery Demonetisation Additions for Fresh Verification Where Cash Sales Bills Show Only “Cash” Buyers The Bangalore ITAT partly allowed the appeal of Assessee, a jeweller, and restored to AO two major additions relating to demonetisation-period sales for fresh examination. The dispute arose from (i) addition of ₹22,65,024 as difference between September 2016 turnover declared in VAT return and higher turnover recorded in books, and (ii) addition of ₹1,32,38,548 treated as alleged excess turnover/cash credits for Oct...