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To disbelieve the sales, either the assessee should have insufficient stocks in its possession or there must be defects in the stock registers or stocks on hand. Once there is no defect in the purchases and sales and they match the inflow and outflow of stocks, there is no reason to disbelieve sales. In making such statement the tribunal in [2022] 96 ITR (Trib) 24 (ITAT[Viskha]) found no case against the assessee jeweller who made 270 cash sale invoices in the span of four hours on panic buying on the night of demonetisation.  

The newspaper clippings alone did support the case of the assessee who even failed to produce either of the following evidence 

A. KYC documents for sales;

B. tags of the jewellery to the sale bills

C. CCTV footage showing huge rush of public.

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