https://www.taxtmi.com/caselaws?id=436243 Cash deposits made during the demonetisation period were examined under Section 69A of the Income-tax Act, 1961 in light of the assessee's explanation that they represented business receipts and realizations from debtors. The record showed a resident of Sikkim carrying on a licensed retail business with disclosed turnover substantially higher than the bank deposits, and the explanation of cash sales and debtor recoveries was accepted as reasonable on the facts. The assessee was held to have discharged the onus of explaining the source of the deposits, so the addition as unexplained money was deleted. en-us Tue, 17 Jan 2023 00:00:00 +0530 Fri, 07 Apr 2023 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436243 Cash deposits made during the demonetisation period were examined under Section 69A of the Income-tax Act, 1961 in light of the assessee's explanation that they represented business receipts and realizations from debtors. The record showed a resident of Sikkim carrying on a licensed retail business with disclosed turnover substantially higher than the bank deposits, and the explanation of cash sales and debtor recoveries was accepted as reasonable on the facts. The assessee was held to have discharged the onus of explaining the source of the deposits, so the addition as unexplained money was deleted. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436243