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No Section 68 Addition Merely Due to Changed Trading Pattern in Demonetisation: ITAT Lucknow
Case Law Details
- Case Name
- ITO Vs Khanna Sales (India) Pvt. Ltd. (ITAT Lucknow)
- 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 Lucknow
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ITO Vs Khanna Sales (India) Pvt. Ltd. (ITAT Lucknow)
Section 68 Addition Deleted as Cash Deposits Explained by Sales Records: ITAT Lucknow
The Revenue appealed against the order of the Commissioner of Income Tax (Appeals), NFAC, which had allowed the assessee’s appeal against the assessment order passed under Section 143(3) for Assessment Year 2017-18 and deleted an addition of ₹2,64,19,000 made under Section 68 of the Income Tax Act.
During the demonetisation period, the assessee deposited ₹2,83,19,000 in its bank accounts. The Assessing Officer (AO) sought details rega...
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