https://www.taxtmi.com/caselaws?id=456192 ITAT Mumbai dismissed revenue's appeal regarding addition under Section 69 for currency notes deposited during demonetization by jeweller-assessee. AO failed to disprove genuineness of jewellery purchases/stock corresponding to sales or assessee's claim that deposited cash originated from legitimate sales. CIT(A) correctly held Section 69 inapplicable since assessee declared cash deposits in return and recorded same in audited books. Section 69A also cannot apply when cash sales were properly declared in return and maintained in books. Addition deleted as AO provided no conclusive evidence contradicting assessee's explanation supported by bills, invoices, and stock records. en-us Tue, 18 Jul 2023 00:00:00 +0530 Sat, 06 Jul 2024 06:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456192 ITAT Mumbai dismissed revenue's appeal regarding addition under Section 69 for currency notes deposited during demonetization by jeweller-assessee. AO failed to disprove genuineness of jewellery purchases/stock corresponding to sales or assessee's claim that deposited cash originated from legitimate sales. CIT(A) correctly held Section 69 inapplicable since assessee declared cash deposits in return and recorded same in audited books. Section 69A also cannot apply when cash sales were properly declared in return and maintained in books. Addition deleted as AO provided no conclusive evidence contradicting assessee's explanation supported by bills, invoices, and stock records. Case-Laws Income Tax Tue, 18 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456192