Held that when cash deposited post -demonization out of cash sales which was accepted by Sales tax /VAT Department and not doubted by the AO and sufficient stock was available to make cash sales , cash deposited cannot be added as undisclosed income . Held that when the difference between valuation shown by the assessee and estimated by DVO was less than 10 percent then the AO was not justified in substituting the valuation determined by DVO in respect of cost shown by the assessee. ( ITA No. 310/ 311 (Chd) of 2021 dt . 25 -3- 2022) (AY.2017 -18 )
Charu Aggarwal (Smt.) . Dy. CIT (2022) 96 ITR 66 (Trib) (Chd)( Trib) Kalaneedhi Jewellers LLP v. Dy. CIT (2022)96 ITR 66 (Trib) (Chd)( Trib)
S. 68 : Cash credits – Demonetization – Cash deposited – Cash sales – Demonization -Addition as undisclosed income was not justified- Construction of showroom -Difference in valuation was less than 10 percent – Addition was deleted [ S. 69 , 153A ]