https://www.taxtmi.com/caselaws?id=450080 ITAT Delhi dismissed tax department's appeal against jewellery trader regarding unexplained cash credit under Section 68 read with Section 115BBE. The tribunal held that minor variations in cash sales during demonetization period did not constitute inflated sales to cover demonetized currency, noting post-Diwali shopping frenzy and that assessee provided comprehensive documentation including purchase details, stock registers, and VAT returns without any defects identified by AO. Business promotion expenses for customer gifts were allowed as legitimate trade practice. Depreciation and car running expenses disallowances were deleted as properly supported by documentation. Addition for unaccounted stock was deleted after CIT(A) identified typographical error in tax audit report where decimal points were omitted in gold bar quantities, creating absurd valuation figures. en-us Fri, 23 Feb 2024 00:00:00 +0530 Mon, 23 Feb 2026 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450080 ITAT Delhi dismissed tax department's appeal against jewellery trader regarding unexplained cash credit under Section 68 read with Section 115BBE. The tribunal held that minor variations in cash sales during demonetization period did not constitute inflated sales to cover demonetized currency, noting post-Diwali shopping frenzy and that assessee provided comprehensive documentation including purchase details, stock registers, and VAT returns without any defects identified by AO. Business promotion expenses for customer gifts were allowed as legitimate trade practice. Depreciation and car running expenses disallowances were deleted as properly supported by documentation. Addition for unaccounted stock was deleted after CIT(A) identified typographical error in tax audit report where decimal points were omitted in gold bar quantities, creating absurd valuation figures. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450080