Cash Sales by Medical Shops Permitted by RBI during Demonetization, Doctors Prescription and ID of Purchasers Not Required: ITAT deletes Addition [Read Order]

By Rasheela Basheer - On December 8, 2022 5:40 am - 2 mins read

Cash Sales - Medical Shops -RBI - Demonetizati-, Doctors Prescription and ID of Purchasers - ITAT -taxscan

The Income Tax Appellate Tribunal (ITAT), Bangalore bench, while deleting an addition under section 68 of the Income Tax Act, 1961 has held that the cash sales by the medical shops and pharmacies were permitted during the demonetization period under the circular issued by the RBI. The assessee, Manasa Medicals is a partnership firm engaged…

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