https://www.taxtmi.com/caselaws?id=444689 Cash sales and deposits made during the demonetisation period were examined under section 68 of the Income-tax Act, 1961, and the addition could not be sustained because the assessee's long-standing manufacturing business maintained audited books, VAT audit records, regular sale bills, purchase records, and evidence of debtor recovery. The purchases were not disputed and no independent defect was found in the books apart from suspicion over the cash sales pattern. On the surrounding business history and contemporaneous records, the cash sales were treated as genuine, so the unexplained cash credit addition was deleted. en-us Tue, 22 Aug 2023 00:00:00 +0530 Fri, 20 Oct 2023 10:13:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444689 Cash sales and deposits made during the demonetisation period were examined under section 68 of the Income-tax Act, 1961, and the addition could not be sustained because the assessee's long-standing manufacturing business maintained audited books, VAT audit records, regular sale bills, purchase records, and evidence of debtor recovery. The purchases were not disputed and no independent defect was found in the books apart from suspicion over the cash sales pattern. On the surrounding business history and contemporaneous records, the cash sales were treated as genuine, so the unexplained cash credit addition was deleted. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444689