ITAT Deletes ₹3 Crore Addition Made on Cash Deposits During Demonetization: Upholds Gold Jewellery Firm’s Sales as Genuine

The ITAT has deleted a ₹3 crore addition made on cash deposits during demonetization, upholding a gold jewellery firm's sales as genuine. The tribunal found that the firm was able to provide sufficient evidence, including sales bills and stock records, to substantiate the cash deposits. The ruling provides a crucial precedent for businesses that faced scrutiny during demonetization and emphasizes that additions cannot be made if the source of income is satisfactorily explained with documentary evidence.