https://www.taxtmi.com/caselaws?id=459881 The Tribunal held that the addition of Rs.90.49 Lacs as unexplained money under Section 69A of the Income Tax Act was not justified. It concluded that the cash deposits made by the assessee during the demonetization period were adequately explained as business receipts, consistent with the business pattern, and properly recorded in the books of account. The Tribunal found no defects in the records and noted the Assessing Officer's failure to adhere to the prescribed SOP for analyzing cash sales and deposits. Consequently, the appeal was allowed, and the impugned addition was ordered to be deleted. en-us Wed, 03 Jul 2024 00:00:00 +0530 Wed, 01 Jan 2025 18:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459881 The Tribunal held that the addition of Rs.90.49 Lacs as unexplained money under Section 69A of the Income Tax Act was not justified. It concluded that the cash deposits made by the assessee during the demonetization period were adequately explained as business receipts, consistent with the business pattern, and properly recorded in the books of account. The Tribunal found no defects in the records and noted the Assessing Officer's failure to adhere to the prescribed SOP for analyzing cash sales and deposits. Consequently, the appeal was allowed, and the impugned addition was ordered to be deleted. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459881