https://www.taxtmi.com/caselaws?id=755179 ITAT Delhi ruled in favor of assessee regarding cash deposits totaling Rs. 69,25,000 made during demonetization period. The tribunal held that addition under section 69A for unexplained income was unjustified since deposits were recorded in audited books, tax audit report was furnished, and AO did not reject books of accounts. Assessee explained deposits originated from sales to specific customer and Diwali cash sales occurring before demonetization. Following precedent in Shivam Industries case, tribunal determined that when audited books are not rejected and sales undisturbed, revenue authorities cannot treat demonetization-period deposits as unexplained income. Addition deleted. en-us Wed, 03 Jul 2024 00:00:00 +0530 Sat, 06 Jul 2024 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755179 ITAT Delhi ruled in favor of assessee regarding cash deposits totaling Rs. 69,25,000 made during demonetization period. The tribunal held that addition under section 69A for unexplained income was unjustified since deposits were recorded in audited books, tax audit report was furnished, and AO did not reject books of accounts. Assessee explained deposits originated from sales to specific customer and Diwali cash sales occurring before demonetization. Following precedent in Shivam Industries case, tribunal determined that when audited books are not rejected and sales undisturbed, revenue authorities cannot treat demonetization-period deposits as unexplained income. Addition deleted. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755179