https://www.taxtmi.com/caselaws?id=759029 ITAT Chennai held that addition under Section 69 for unexplained investments regarding SBNs deposited during demonetization was unjustified. The assessee, a milk products dealer, demonstrated through books of accounts that deposits were trade receipts from regular business operations. The tribunal found no significant change in cash deposit patterns during demonetization period compared to previous years. Since the deposited amounts were already included in turnover and offered for taxation, making separate addition would constitute double taxation. The AO failed to identify any defects in the audited books of accounts maintained by the assessee. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 23 Sep 2024 09:10:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759029 ITAT Chennai held that addition under Section 69 for unexplained investments regarding SBNs deposited during demonetization was unjustified. The assessee, a milk products dealer, demonstrated through books of accounts that deposits were trade receipts from regular business operations. The tribunal found no significant change in cash deposit patterns during demonetization period compared to previous years. Since the deposited amounts were already included in turnover and offered for taxation, making separate addition would constitute double taxation. The AO failed to identify any defects in the audited books of accounts maintained by the assessee. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759029