Section 68 Addition Deleted Due to Explained Cash Sales in Books

Smt. Panjurajan Kavitha Vs DCIT (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from an order dated 03.10.2023 passed by the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2017–18. The assessee, engaged in wholesale and retail grocery business, had deposited specified bank notes (SBN) during the demonetization period. The Assessing Officer added ₹51.97 lakh as unexplained cash credit under Section 68 after reducing the closing cash balance, on the ground that SBN ceased to be legal tender and such transactions were invalid. The ass...