https://www.taxtmi.com/caselaws?id=753488 ITAT Delhi dismissed revenue's appeal challenging deletion of addition u/s 68 for unexplained cash deposits of demonetized currency. The assessee had substantial cash sales running into crores, supported by audited books, invoices, VAT returns, and stock records. AO accepted sales and stock records for all years except 11-15 November 2016 period. CIT(A) found no defects in purchase, sale, and stock records after comparative analysis across four years. Since cash sales were already offered as income and taxed, treating the same amount again u/s 68 would result in double taxation. ITAT upheld CIT(A)'s deletion of addition. en-us Tue, 23 Apr 2024 00:00:00 +0530 Tue, 04 Jun 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753488 ITAT Delhi dismissed revenue's appeal challenging deletion of addition u/s 68 for unexplained cash deposits of demonetized currency. The assessee had substantial cash sales running into crores, supported by audited books, invoices, VAT returns, and stock records. AO accepted sales and stock records for all years except 11-15 November 2016 period. CIT(A) found no defects in purchase, sale, and stock records after comparative analysis across four years. Since cash sales were already offered as income and taxed, treating the same amount again u/s 68 would result in double taxation. ITAT upheld CIT(A)'s deletion of addition. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753488