https://www.taxtmi.com/caselaws?id=312662 The ITAT Ahmedabad ruled in favor of the assessee regarding cash deposits made during demonetization. The AO had rejected the books of accounts and treated cash deposits as unexplained cash credit under Section 68. The tribunal found that the assessee maintained proper books with audited financial statements, purchase details, and supporting vouchers. The only deficiency was stock register format. The tribunal held that books cannot be rejected merely for formatting issues without identifying specific defects. Since the AO rejected books but failed to estimate profit properly, the addition was deleted and book results were accepted. en-us Wed, 11 Oct 2023 00:00:00 +0530 Fri, 01 Mar 2024 05:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312662 The ITAT Ahmedabad ruled in favor of the assessee regarding cash deposits made during demonetization. The AO had rejected the books of accounts and treated cash deposits as unexplained cash credit under Section 68. The tribunal found that the assessee maintained proper books with audited financial statements, purchase details, and supporting vouchers. The only deficiency was stock register format. The tribunal held that books cannot be rejected merely for formatting issues without identifying specific defects. Since the AO rejected books but failed to estimate profit properly, the addition was deleted and book results were accepted. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312662