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The ITAT held that the addition made by the AO u/s 69A read with Section 115BBE is unjustified. The assessee, an authorized dealer of TVS Motor Co. Pvt. Ltd., had duly recorded the cash sales in its books, and the alleged cash deposits were from the available cash in hand maintained in the regular books of accounts. The books were not rejected, and quantitative details were maintained. In the absence of evidence of any unrecorded sales and considering the assessee's dealership with a reputed company, the ITAT concluded that the assessee successfully explained the source of cash deposits during the demonetization period as arising from regular cash sales. Consequently, the impugned addition was deleted.
The ITAT held that the addition made by the AO u/s 69A read with Section 115BBE is unjustified. The assessee, an authorized dealer of TVS Motor Co. Pvt. Ltd., had duly recorded the cash sales in its books, and the alleged cash deposits were from the available cash in hand maintained in the regular books of accounts. The books were not rejected, and quantitative details were maintained. In the absence of evidence of any unrecorded sales and considering the assessee's dealership with a reputed company, the ITAT concluded that the assessee successfully explained the source of cash deposits during the demonetization period as arising from regular cash sales. Consequently, the impugned addition was deleted.
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