Statement During Survey Alone Can’t Justify u/s 68 Addition: ITAT Jaipur

Ashok Nariyani Vs ACIT (ITAT Jaipur)

Statement During Survey Alone Can’t Justify u/s 68 Addition- ITAT Jaipur Deletes Addition on Demonetisation Cash Deposits

Assessee, proprietor of Manisha Agencies, engaged in wholesale & retail trading of tobacco & mouth fresheners, filed return declaring income of ₹24.46 lakh. During demonetisation (09.11.2016–30.12.2016), Assessee deposited ₹5.00 crore in bank accounts. AO noted abnormal spike in November 2016 deposits & conducted survey u/s 133A. In survey statement, Assessee admitted that ₹94.80

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