https://www.taxtmi.com/caselaws?id=443051 ITAT held for the assessee that additions under s.68 for bank cash deposits during demonetization were unjustified. The assessee maintained audited books, produced sale invoices, purchase bills, stock registers and day-wise stock reports showing corresponding outflow of inventory, filed Form 61A and obtained confirmations from purchasers. The AO did not identify discrepancies in stock or abnormal profits, nor could he validly disbelieve recorded purchases merely because third parties did not disclose their own fund sources. Consequently, the cash deposits linked to accounted cash sales could not be treated as undisclosed income. en-us Wed, 26 Jul 2023 00:00:00 +0530 Tue, 18 Nov 2025 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443051 ITAT held for the assessee that additions under s.68 for bank cash deposits during demonetization were unjustified. The assessee maintained audited books, produced sale invoices, purchase bills, stock registers and day-wise stock reports showing corresponding outflow of inventory, filed Form 61A and obtained confirmations from purchasers. The AO did not identify discrepancies in stock or abnormal profits, nor could he validly disbelieve recorded purchases merely because third parties did not disclose their own fund sources. Consequently, the cash deposits linked to accounted cash sales could not be treated as undisclosed income. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443051