Section 68 Addition Deleted as Demonetisation Cash Deposits Matched Recorded Sales: ITAT Lucknow

Advertisement Motor Fab Sales Pvt. Ltd. Vs DCIT/ACIT-4 (ITAT Lucknow) The Income Tax Appellate Tribunal (ITAT), Lucknow, decided cross-appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017-18. The assessee, engaged in the business of automobiles and jewellery, had declared total sales of over ₹329.07 crore. During scrutiny, the Assessing Officer observed a sharp rise in cash sales during October and the first eight days of November 2016 and concluded that a substantial portion of the cash sales represented bogu...