https://www.taxtmi.com/caselaws?id=769844 ITAT Jaipur allowed the assessee's appeal and deleted the addition under Section 68 regarding cash deposits made during demonetization. The tribunal found that cash deposits of Rs. 70 lakh were proceeds from legitimate sales transactions recorded in books and VAT records. Despite AO's concerns about identity and creditworthiness of buyers, the tribunal noted sales were supported by delivery of goods, proper invoicing, and occurred during festival season when cash sales are common. The tribunal relied on precedent that Section 68 additions cannot be made for cash receipts against delivered goods, directing deletion of the addition. en-us Tue, 29 Apr 2025 00:00:00 +0530 Sat, 03 May 2025 14:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769844 ITAT Jaipur allowed the assessee's appeal and deleted the addition under Section 68 regarding cash deposits made during demonetization. The tribunal found that cash deposits of Rs. 70 lakh were proceeds from legitimate sales transactions recorded in books and VAT records. Despite AO's concerns about identity and creditworthiness of buyers, the tribunal noted sales were supported by delivery of goods, proper invoicing, and occurred during festival season when cash sales are common. The tribunal relied on precedent that Section 68 additions cannot be made for cash receipts against delivered goods, directing deletion of the addition. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769844