https://www.taxtmi.com/caselaws?id=755907 The ITAT Chandigarh allowed the assessee's appeal and deleted the addition of Rs 23 lacs made under Section 68 read with Section 115BBE. The assessee, a veterinary medicine dealer operating under Section 44AD, had deposited cash during demonetization period. The ITAT held that since the assessee was not required to maintain books under Section 44AD and had established nexus between cash deposits and disclosed sales receipts, the addition constituted double taxation. The cash deposits were adequately explained through sales vouchers and cash book, with sales duly reported in VAT filings. en-us Wed, 03 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 08:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755907 The ITAT Chandigarh allowed the assessee's appeal and deleted the addition of Rs 23 lacs made under Section 68 read with Section 115BBE. The assessee, a veterinary medicine dealer operating under Section 44AD, had deposited cash during demonetization period. The ITAT held that since the assessee was not required to maintain books under Section 44AD and had established nexus between cash deposits and disclosed sales receipts, the addition constituted double taxation. The cash deposits were adequately explained through sales vouchers and cash book, with sales duly reported in VAT filings. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755907