https://www.taxtmi.com/caselaws?id=766487 Cash deposits made during demonetisation could not be treated as unexplained under section 69 where they were duly recorded in the assessee's cash book, supported by stock, purchase and sales records, and the books of account were neither rejected nor shown to be defective. The Revenue's allegation of a circular transaction involving a purchase from a father's concern and a subsequent gift was not substantiated, as the purchase was separately accounted for, paid through banking channels, and the gift was backed by a gift deed. On those facts, the addition under section 69 was unsustainable and was deleted. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766487 Cash deposits made during demonetisation could not be treated as unexplained under section 69 where they were duly recorded in the assessee's cash book, supported by stock, purchase and sales records, and the books of account were neither rejected nor shown to be defective. The Revenue's allegation of a circular transaction involving a purchase from a father's concern and a subsequent gift was not substantiated, as the purchase was separately accounted for, paid through banking channels, and the gift was backed by a gift deed. On those facts, the addition under section 69 was unsustainable and was deleted. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766487