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Cash deposited during demonetization : ITAT Amritsor deleted the Addition
The ITAT bench of Amritsar has deleted the addition made u/s 68 on account of cash deposited during demonetization and held that once the amount is declared as turn over cannot be called concealed income and be taxed doubly on same amount. The tribunal has further observed that the amount deposited in the bank account was out of sale of various items which had been held by the assessee as stock in trade and since the deposits in the bank account were out of sale of stock therefore the stock of the assessee has depleted and the cash has come in respect of stock, such sales had been disclosed in the trading account against the purchase which had not been doubted, neither the opening and closing stock had been doubted. Therefore, nothing could have been doubted when the source of cash was well explained and was shown in the bank account.
The copy of the order is as under: