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Demonetisation Cash Sales: ITAT Rejects Full Section 68 Addition, Applies GP Estimation
Case Law Details
- Case Name
- JMK Jewels Pvt. Ltd. Vs ACIT (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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JMK Jewels Pvt. Ltd. Vs ACIT (ITAT Delhi)
Demonetisation Cash Sales Recast: ITAT Applies GP Estimation, Rejects Section 68 in Full but Denies Blanket Acceptance
The Delhi Bench “G” of the ITAT, in JMK Jewels Pvt. Ltd. v. ACIT (AY 2017-18), dealt with cross appeals by the assessee and the Revenue arising from a massive addition on account of cash sales during the demonetisation period.
The AO had treated entire cash sales of ₹8.50 crore (01.10.2016 to 08.11.2016) as unexplained cash credits under section 68, alleging abnormal spike in cash sales, lack of KYC of customers,...
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