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        Case ID :
        Income Tax

        ITAT reversed addition made u/s 69A regarding cash deposits...

        ITAT Overturns Section 69A Addition: Demonetization Cash Deposits Valid Due to Documented Sales and VAT-Verified Business Records.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT reversed addition made u/s 69A regarding cash deposits during demonetization period. Assessee's regular books of accounts showed recorded sales proceeds, validated by VAT assessment authorities. Sufficient stock inventory supported legitimate sales transactions during the period. No evidence of fictitious purchases or sales to justify cash deposits was established by AO. CIT(A)'s confirmation of addition deemed legally unsustainable. Consequently, application of higher tax rate u/s 115BBE rejected. The tribunal found no basis for treating bank deposits as unexplained money u/s 69A, given proper documentation and business authenticity. Addition deleted in favor of assessee.
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