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of The ITAT upheld the reopening of assessment under section 147 as valid, finding the reasons recorded for issuing the notice within the four-year period to be justified. The addition under section 69A relating to a cash deposit of Rs. 8,00,000 during the demonetization period was deleted, as the assessee satisfactorily explained the source as cash sales supported by consistent business records. However, the Tribunal found the AO's addition on estimated profits from alleged suppressed purchases erroneous, noting the correct purchase amount was already accounted for. Consequently, the addition of Rs. 13,07,642 was deleted, and the assessee's ground challenging this addition was allowed.
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