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        Case ID :
        Income Tax

        AO accepted assessee company's books of accounts and net profit...

        Cash deposits during demonetization can't be treated as unexplained credits when books were accepted and cash balance was consistent.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                AO accepted assessee company's books of accounts and net profit disclosed therein. However, AO treated cash deposits in bank accounts during demonetization period as unexplained cash credits u/s 68, rejecting assessee's explanation that deposits were from business receipts recorded in books. ITAT held AO cannot accept book results but reject transactions explaining cash availability on 08.11.2016. Cash book showed cash-in-hand of Rs. 12,00,442.54 on 08.11.2016 was consistent with pre and post-demonetization period. No justification to treat deposits as unexplained credits u/s 68. Assessee's appeal allowed.
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