The ITAT Delhi ruled on an appeal regarding addition u/s 68 ...

ITAT held that cash deposits during demonetization were justified as the AO did not find any discrepancies in the assessee's books of accounts.

Case Laws Income Tax

May 23, 2024

The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits were from sale proceeds and past savings. The tribunal held that the AO did not find any discrepancies in the recorded purchases, sales, and stocks. Without evidence of non-genuine transactions or book rejection, assuming cash deposits based on higher turnover is unjustified. Therefore, the addition u/s 68 was deleted in favor of the assessee.

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The ITAT Delhi ruled on an appeal regarding addition u/s 68 ...

ITAT held that cash deposits during demonetization were justified as the AO did not find any discrepancies in the assessee's books of accounts.

Case Laws Income Tax

May 23, 2024

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