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Section 68 Addition Deleted for Pharmacy Cash Deposits During Demonetisation
Case Law Details
- Case Name
- Ajit Batra Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Ajit Batra Vs ITO (ITAT Delhi)
Demonetisation Cash Sales of Pharmacy Are Legal Tender, Not “Unexplained”: S.68 Addition Deleted—ITAT Delhi
Assessee, running a medical store under the name Batra Medical Store, faced addition of ₹19.68 lakh u/s 68 on account of cash deposits during demonetisation period, despite having declared income u/s 44AD. AO & CIT(A) treated cash deposits as unexplained, alleging violation of demonetisation notifications & non-maintenance of doctors’ prescriptions/identity proofs.
ITAT Delhi condoned delay & allowed Assessee’s appeal on merits. Trib...
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