https://www.taxtmi.com/caselaws?id=776430 The ITAT Delhi held that the tax authorities failed to properly analyze the assessee's financial statements and VAT returns before making additions under section 68 regarding demonetized currency deposits. Since the stock-in-trade and VAT returns were not disputed, the assessee's claim of cash sales was accepted to an extent. However, the assessee's prior offer to add 15% of cash sales was not retracted with evidence, so the AO's ad hoc disallowance of 30% was upheld. The tribunal concluded that if the authorities did not dispute the books and stock, they should have accepted the 15% addition offered by the assessee. The appeal was allowed partly. en-us Thu, 31 Jul 2025 00:00:00 +0530 Mon, 11 Aug 2025 08:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776430 The ITAT Delhi held that the tax authorities failed to properly analyze the assessee's financial statements and VAT returns before making additions under section 68 regarding demonetized currency deposits. Since the stock-in-trade and VAT returns were not disputed, the assessee's claim of cash sales was accepted to an extent. However, the assessee's prior offer to add 15% of cash sales was not retracted with evidence, so the AO's ad hoc disallowance of 30% was upheld. The tribunal concluded that if the authorities did not dispute the books and stock, they should have accepted the 15% addition offered by the assessee. The appeal was allowed partly. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776430