https://www.taxtmi.com/caselaws?id=755614 The ITAT Mumbai held that addition u/s 69A for cash deposits during demonetization was unjustified. The assessee supported cash deposits with sales invoices, cash books, and trading account details showing disclosed cash sales. The AO failed to conduct proper enquiry to disprove cash sales before demonetization despite having access to books of accounts. Without rejecting books or providing positive evidence of manipulation, and without showing defects like absence of stock or goods delivery, the addition was unsustainable. The tribunal reversed lower authorities' orders and directed deletion of the addition, deciding in favor of the assessee. en-us Tue, 09 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 08:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755614 The ITAT Mumbai held that addition u/s 69A for cash deposits during demonetization was unjustified. The assessee supported cash deposits with sales invoices, cash books, and trading account details showing disclosed cash sales. The AO failed to conduct proper enquiry to disprove cash sales before demonetization despite having access to books of accounts. Without rejecting books or providing positive evidence of manipulation, and without showing defects like absence of stock or goods delivery, the addition was unsustainable. The tribunal reversed lower authorities' orders and directed deletion of the addition, deciding in favor of the assessee. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755614