https://www.taxtmi.com/caselaws?id=762044 ITAT Patna-AT partly allowed assessee's appeal challenging addition under Section 69A for unexplained cash deposits in petrol pump business. The tribunal found cash deposits were from legitimate petroleum sales at BPCL-allotted station, supported by consistent monthly purchase-sale records during demonetization period. While sustaining net profit addition of Rs. 3,07,646 as reasonable for petrol pump operations, the tribunal deleted remaining addition of Rs. 2,59,70,084. Section 115BBE was held inapplicable since cash deposits were adequately explained as business receipts from petroleum sales activities. en-us Wed, 20 Nov 2024 00:00:00 +0530 Fri, 22 Nov 2024 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762044 ITAT Patna-AT partly allowed assessee's appeal challenging addition under Section 69A for unexplained cash deposits in petrol pump business. The tribunal found cash deposits were from legitimate petroleum sales at BPCL-allotted station, supported by consistent monthly purchase-sale records during demonetization period. While sustaining net profit addition of Rs. 3,07,646 as reasonable for petrol pump operations, the tribunal deleted remaining addition of Rs. 2,59,70,084. Section 115BBE was held inapplicable since cash deposits were adequately explained as business receipts from petroleum sales activities. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762044