https://www.taxtmi.com/caselaws?id=766487 ITAT Indore ruled in favor of assessee regarding unexplained investment u/s 69 for cash deposits made during demonetization. Assessee deposited cash on 15.11.2016 after demonetization announcement, claiming funds from existing business cash balance. AO accepted assessee's books of account without rejecting them or pointing out deficiencies. The cash deposit was properly recorded in accepted cash-book. ITAT held section 69 applies only when amounts are unrecorded in books, whereas here the deposit was recorded in AO-accepted books. Purchase and gift transactions were independent, properly documented, and not disturbed by AO. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766487 ITAT Indore ruled in favor of assessee regarding unexplained investment u/s 69 for cash deposits made during demonetization. Assessee deposited cash on 15.11.2016 after demonetization announcement, claiming funds from existing business cash balance. AO accepted assessee's books of account without rejecting them or pointing out deficiencies. The cash deposit was properly recorded in accepted cash-book. ITAT held section 69 applies only when amounts are unrecorded in books, whereas here the deposit was recorded in AO-accepted books. Purchase and gift transactions were independent, properly documented, and not disturbed by AO. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766487