Subhojit Paul v.ACIT (2024)113 ITR 3 (SN)(Kol)(Trib)

S. 68 : Cash credits-Cash deposit-Demonetisation period-Business of retail trading in medicine-Books of account not rejected-Addition is deleted. [S. 145]

Held that the Assessing Officer  ought to have analysed the purchases also and whether such a profit had resulted to the assessee, which could give rise to unexplained cash to the assessee. In such a situation, why the books of account should have not been rejected.  The profit ratio from sales and purchases could not be of that magnitude had not been examined.  The addition is  deleted. (AY.2017-18)

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