https://www.taxtmi.com/caselaws?id=757658 ITAT Mumbai dismissed Revenue's appeal challenging CIT(A)'s deletion of additions under Section 68 for unexplained cash credits and cash deposits. The assessee, a gold trader, received payments through banking channels and maintained proper books including sales register, purchase register, stock statements, and bank records. AO made additions suspecting unaccounted money conversion, particularly regarding cash sales on demonetization day (08/11/2016). ITAT held that Revenue failed to dispute receipt of money through banking channels or point out stock availability errors. The tribunal noted that cash sales on demonetization day were exceptional circumstances as people converted old currency notes. Without material evidence doubting stock availability, the additions were properly deleted. en-us Tue, 20 Aug 2024 00:00:00 +0530 Fri, 30 Aug 2024 08:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757658 ITAT Mumbai dismissed Revenue's appeal challenging CIT(A)'s deletion of additions under Section 68 for unexplained cash credits and cash deposits. The assessee, a gold trader, received payments through banking channels and maintained proper books including sales register, purchase register, stock statements, and bank records. AO made additions suspecting unaccounted money conversion, particularly regarding cash sales on demonetization day (08/11/2016). ITAT held that Revenue failed to dispute receipt of money through banking channels or point out stock availability errors. The tribunal noted that cash sales on demonetization day were exceptional circumstances as people converted old currency notes. Without material evidence doubting stock availability, the additions were properly deleted. Case-Laws Income Tax Tue, 20 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757658