ITAT Jaipur bench deleted addition on account of cash deposited during demonetization out of cash sale
ITAT Jaipur bench deleted addition on account of cash deposited during demonetization out of cash sale and held that the provisions of section 68 are not applicable on the sale transactions recorded in the books of account as sales are already part of the income which is already credited in P&L account. Hence, there is no occasion to consider the same as income of the assessee by invoking the provisions of section 68. In this case the Assessing Officer had not rejected the books of account of the assessee and the assessee have sufficient stock for making the sales. (ITA No. 166/JP/2022)
