https://www.taxtmi.com/caselaws?id=758867 ITAT Visakhapatnam allowed the assessee's appeal against addition under Section 69A read with Section 115BBE for cash deposits during demonetization. The AO had treated entire cash deposits as unexplained money and made assessment under Section 144. ITAT held that cash deposits were from sale proceeds and loan repayment from joint account with another holder. The assessee and joint holder had availed short-term loan jointly from Karur Vysya Bank, used account as conduit for loan funds, and repaid after liquidating cashew nut stocks. Source of deposits was properly explained as loan repayment, making the addition unwarranted. en-us Fri, 26 Jul 2024 00:00:00 +0530 Fri, 20 Sep 2024 08:31:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758867 ITAT Visakhapatnam allowed the assessee's appeal against addition under Section 69A read with Section 115BBE for cash deposits during demonetization. The AO had treated entire cash deposits as unexplained money and made assessment under Section 144. ITAT held that cash deposits were from sale proceeds and loan repayment from joint account with another holder. The assessee and joint holder had availed short-term loan jointly from Karur Vysya Bank, used account as conduit for loan funds, and repaid after liquidating cashew nut stocks. Source of deposits was properly explained as loan repayment, making the addition unwarranted. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758867