https://www.taxtmi.com/caselaws?id=457889 The ITAT Raipur allowed the assessee's appeal regarding addition under section 69A for unexplained money. The AO had treated cash deposits during demonetization as unexplained money, alleging the assessee deposited unaccounted funds disguised as sales proceeds and received old currency after the specified deadline. The ITAT held that since the AO accepted the sales in the assessment order under section 143(3), the basis for treating deposits as unexplained money failed. Even assuming receipt of demonetized currency after the deadline, this alone could not justify section 69A addition. However, the ITAT dismissed the appeal regarding telephone expenses, upholding the AO's disallowance of one-fourth expenses due to lack of proper documentation substantiating business use. en-us Mon, 21 Nov 2022 00:00:00 +0530 Mon, 30 Sep 2024 13:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457889 The ITAT Raipur allowed the assessee's appeal regarding addition under section 69A for unexplained money. The AO had treated cash deposits during demonetization as unexplained money, alleging the assessee deposited unaccounted funds disguised as sales proceeds and received old currency after the specified deadline. The ITAT held that since the AO accepted the sales in the assessment order under section 143(3), the basis for treating deposits as unexplained money failed. Even assuming receipt of demonetized currency after the deadline, this alone could not justify section 69A addition. However, the ITAT dismissed the appeal regarding telephone expenses, upholding the AO's disallowance of one-fourth expenses due to lack of proper documentation substantiating business use. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457889