AdvertisementLala Kashi Nath Seth Jewellers Private Limited Vs ACIT (ITAT Lucknow) Lucknow ITAT: Abnormal Spike in Demonetisation Sales Alone Cannot Justify Section 68 Addition or Estimated Extra Profit Without Evidence The Lucknow ITAT allowed the assessee’s appeal and held that an abnormal increase in cash sales during the demonetisation period, by itself, cannot justify an addition under Section 68 or an estimated addition towards extra profit when the books of account are audited, stock is available, purchases are accepted, and no defect is found in the records. The Tribunal deleted additions agg...