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ITAT held that the assessee adequately explained cash deposits during demonetization through documented cash sales, which constituted 3.06% of total sales. The Assessing Officer did not identify any defects in the books of accounts or sales records. Complete documentation including purchase bills, sales vouchers, and ledger accounts were submitted. The tribunal found no infirmity in CIT(A)'s findings and decided in favor of the assessee. The protective addition was remanded back to CIT(A) to be heard alongside the appeal of the related company. Revenue's appeal was partly allowed for statistical purposes.
ITAT held that the assessee adequately explained cash deposits during demonetization through documented cash sales, which constituted 3.06% of total sales. The Assessing Officer did not identify any defects in the books of accounts or sales records. Complete documentation including purchase bills, sales vouchers, and ledger accounts were submitted. The tribunal found no infirmity in CIT(A)'s findings and decided in favor of the assessee. The protective addition was remanded back to CIT(A) to be heard alongside the appeal of the related company. Revenue's appeal was partly allowed for statistical purposes.
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