https://www.taxtmi.com/caselaws?id=762032 ITAT Pune allowed the assessee's appeal against addition u/s 69A for unexplained cash deposits. The wholesaler of tea products deposited cash on 11.11.2016 and 15.11.2016, which AO treated as unaccounted income. ITAT found that assessee consistently showed higher cash sales during October-November festival months across three financial years. The audited books of accounts showed regular cash deposits even before demonetization, with detailed monthly sales and purchase records. AO failed to point out defects in audited accounts or provide evidence to rebut assessee's claims, making the addition based on surmises without substantial basis. en-us Tue, 22 Oct 2024 00:00:00 +0530 Fri, 22 Nov 2024 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762032 ITAT Pune allowed the assessee's appeal against addition u/s 69A for unexplained cash deposits. The wholesaler of tea products deposited cash on 11.11.2016 and 15.11.2016, which AO treated as unaccounted income. ITAT found that assessee consistently showed higher cash sales during October-November festival months across three financial years. The audited books of accounts showed regular cash deposits even before demonetization, with detailed monthly sales and purchase records. AO failed to point out defects in audited accounts or provide evidence to rebut assessee's claims, making the addition based on surmises without substantial basis. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762032