Assessee is engaged in business of sale of gold and silver ornaments and deposited Rs. 84 Lakhs in bank account. Cash transactions are duly recorded in books of accounts. Stock register produced before AO. Sales made in cash are out of stock in trade and complete quantitative details maintained by assessee. Books of accounts of the assessee are audited by an independent chartered accountant. Where assessee has admitted the sales as revenue receipts, there is no case for making addition u/s. 68 or to tax the same u/s. 115BBE. Addition u/s. 68 of Rs. 80 Lakhs made by AO without rejecting books of accounts u/s. 145(3) deleted. (AY .2017-18)
Mahesh Kumar Gupta v. ACIT (2023) 151 taxmann.com 339 / 104 ITR 519 (Jaipur) (Trib)
S. 68 : Cash credits-Demonetisation-Large Cash deposited during demonetization period-Assessee claimed that cash deposited from sale proceeds. Bill wise details submitted, books of accounts accepted, each sale bill less than Rs. 2 Lakhs. Addition cannot be made merely because bills did not contain name of customers. Addition is deleted .[S.115BBE]