Section 68 Not Applicable on Recorded Cash Sales – Demonetisation Addition Deleted

Kulbhushan Sahtani Vs ITO (ITAT Delhi) Section 68 can’t apply to recorded sales- No Double Taxation on cash sales – Books Audited, Stock Tallied – ITAT deletes Demonetisation cash deposit addition Delhi ITAT deleted an addition of ₹43.50 lakh made on account of cash deposits during the demonetisation period, holding that where cash sales are duly recorded in audited books & supported by stock records, the same cannot be treated as unexplained cash credits under section 68. Assessee , proprietor engaged in jewellery trading, had filed his return declaring income of ₹9.26 lakh....