https://www.taxtmi.com/caselaws?id=759191 ITAT Jaipur held that Section 69A was not applicable to cash deposits during demonetization period where proper books of accounts existed. The assessee had recorded cash sales transactions with immediate cash memos and delivery, depositing the proceeds in bank accounts. Since sales were properly documented in books without any defects found by lower authorities, and no abnormal increase in cash sales was observed pre-demonetization, the deposits were explained business income. The assessee discharged initial burden of proof by providing books of accounts, invoices, and bank statements. Department failed to prove deposits represented undisclosed income. Section 115BBE was also held inapplicable as it only applies to income taxable under specific sections including 69A. Appeal allowed. en-us Thu, 25 Apr 2024 00:00:00 +0530 Thu, 26 Sep 2024 08:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759191 ITAT Jaipur held that Section 69A was not applicable to cash deposits during demonetization period where proper books of accounts existed. The assessee had recorded cash sales transactions with immediate cash memos and delivery, depositing the proceeds in bank accounts. Since sales were properly documented in books without any defects found by lower authorities, and no abnormal increase in cash sales was observed pre-demonetization, the deposits were explained business income. The assessee discharged initial burden of proof by providing books of accounts, invoices, and bank statements. Department failed to prove deposits represented undisclosed income. Section 115BBE was also held inapplicable as it only applies to income taxable under specific sections including 69A. Appeal allowed. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759191