https://www.taxtmi.com/caselaws?id=456194 ITAT Delhi ruled in favor of a jeweller regarding unexplained cash credit under Section 68 read with Section 115BBE. The assessee deposited Rs 3,43,50,000 during demonetization period, claiming it originated from cash sales and customer advances on November 8, 2016. Revenue suspected the deposits without finding discrepancies in books. ITAT held that since the assessee had sufficient gold/diamond stocks, made legitimate sales before demonetization deadline, and AO accepted the sales, the cash deposits were adequately explained. Revenue's appeal was dismissed, following precedents from Delhi HC and Vizag ITAT. en-us Fri, 18 Aug 2023 00:00:00 +0530 Sat, 06 Jul 2024 06:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456194 ITAT Delhi ruled in favor of a jeweller regarding unexplained cash credit under Section 68 read with Section 115BBE. The assessee deposited Rs 3,43,50,000 during demonetization period, claiming it originated from cash sales and customer advances on November 8, 2016. Revenue suspected the deposits without finding discrepancies in books. ITAT held that since the assessee had sufficient gold/diamond stocks, made legitimate sales before demonetization deadline, and AO accepted the sales, the cash deposits were adequately explained. Revenue's appeal was dismissed, following precedents from Delhi HC and Vizag ITAT. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456194