Day: December 11, 2025

Addition u/s 68 for Demonetisation Cash Deposits – Whether Possible When Books Are Rejected and Cash Sales Duly Recorded?

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ITAT Mumbai – Rakesh Jain v. DCIT (2025) ITA No. 546/Mum/2025 │ Order dated: 4 December 2025 1. Core Issue The central questions before the Tribunal were: 1.Whether cash deposits made during the demonetisation period can be taxed as unexplained cash credits under Section 68 when they are already recorded as cash sales in the … Read more

Addition under Section 68 – Evidentiary Value of Statements under Section 131 – Scope of Provisos to Section 68 – Valuation under Section 56(2)(viib)

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Madras High Court – PCIT, Central–1, Chennai v. Lalitha Jewellery Mart Pvt. Ltd. TCA Nos. 14–16 of 2020 | Judgment dated 28 November 2025 1. Background:-These appeals arose from assessments framed under section 153A pursuant to a search conducted on 2 September 2014 in the Lalithaa Jewellery group. For AYs 2013-14, 2014-15 and 2015-16, the … Read more