Summary
- The ITAT Lucknow has ruled that recorded cash sales cannot be dismissed as bogus solely based on suspicion, deleting a ā¹24,59,000 addition related to demonetisation deposits.
- The Tribunal emphasized the importance of proper verification and cogent evidence, noting the absence of adverse findings against the assessee's documented sales.
- The case involved an assessment under Section 68, where the assessee provided extensive records including audited financial statements and VAT returns to support her claims.
- This decision reinforces the necessity for tax authorities to substantiate claims of unaccounted income with concrete evidence rather than mere presumption.
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