https://www.taxtmi.com/caselaws?id=450141 The ITAT Jodhpur ruled in favor of the assessee regarding cash deposits during demonetization period. The tribunal held that when the AO did not doubt the sales, purchases, stock, and gross profit declared by the assessee, the cash deposits from such sales cannot be questioned under Section 69A. The court found direct nexus between cash deposits and sales realization. Additionally, non-maintenance of stock register alone cannot justify rejection of books under Section 145(3). The tribunal also accepted the assessee's explanation for stock valuation discrepancies during survey, noting goods sold on approval were not entered in stock. All additions were quashed and the appeal was allowed. en-us Fri, 05 Jan 2024 00:00:00 +0530 Wed, 28 Feb 2024 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450141 The ITAT Jodhpur ruled in favor of the assessee regarding cash deposits during demonetization period. The tribunal held that when the AO did not doubt the sales, purchases, stock, and gross profit declared by the assessee, the cash deposits from such sales cannot be questioned under Section 69A. The court found direct nexus between cash deposits and sales realization. Additionally, non-maintenance of stock register alone cannot justify rejection of books under Section 145(3). The tribunal also accepted the assessee's explanation for stock valuation discrepancies during survey, noting goods sold on approval were not entered in stock. All additions were quashed and the appeal was allowed. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450141