https://www.taxtmi.com/caselaws?id=771301 ITAT Delhi dismissed Revenue's appeal in jewelry trader case. AO made additions under section 69A treating cash deposits during demonetization as undisclosed investment and applied higher GP rate of 3.2% versus assessee's 3.24%. CIT(A) deleted both additions. ITAT upheld CIT(A)'s decision, ruling section 69A inapplicable as cash deposits from sales were properly recorded in books with supporting documents. AO accepted declared turnover including cash sales but inconsistently doubted same transactions. No discrepancies found by VAT department. Higher GP rate addition also deleted as AO accepted stock records and purchases were verified through supplier enquiries. Appeal dismissed favoring assessee. en-us Fri, 16 May 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771301 ITAT Delhi dismissed Revenue's appeal in jewelry trader case. AO made additions under section 69A treating cash deposits during demonetization as undisclosed investment and applied higher GP rate of 3.2% versus assessee's 3.24%. CIT(A) deleted both additions. ITAT upheld CIT(A)'s decision, ruling section 69A inapplicable as cash deposits from sales were properly recorded in books with supporting documents. AO accepted declared turnover including cash sales but inconsistently doubted same transactions. No discrepancies found by VAT department. Higher GP rate addition also deleted as AO accepted stock records and purchases were verified through supplier enquiries. Appeal dismissed favoring assessee. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771301