Section 68 Demonetisation Deposit Addition Deleted Due to Genuine Cash Sales Evidence

Harshvardhan Tejmal Soni Vs ACIT (ITAT Ahmedabad) The appeal before the Income Tax Appellate Tribunal, Ahmedabad arose from the confirmation of an addition of ₹22,00,000 made under Section 68 of the Income-tax Act, 1961 for Assessment Year 2017–18. The assessee, engaged in the retail business of gold and silver ornaments, had deposited ₹1.10 crore in cash in his bank account during the demonetisation period. The Assessing Officer treated 20% of these deposits as unexplained cash credits, alleging that the assessee inflated sales to legitimise cash deposited post demonetisation and faile...