https://www.taxtmi.com/caselaws?id=766478 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s deletion of addition under Section 69A read with Section 115BBE for unexplained cash deposits during demonetization. The assessee had deposited cash from sales made on 08.11.2016, representing only 17.50% of pre-demonetization stock. ITAT held that since cash sales were properly recorded in books and offered for taxation, re-adding the same amount would constitute impermissible double taxation. The assessee successfully discharged the burden of proving the source of deposited cash through relevant documentary evidence. AO's adverse findings lacked concrete evidence and were based on mere suspicion. Since cash from sales was credited in books of accounts, Section 69A provisions were inapplicable. en-us Fri, 10 Jan 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766478 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s deletion of addition under Section 69A read with Section 115BBE for unexplained cash deposits during demonetization. The assessee had deposited cash from sales made on 08.11.2016, representing only 17.50% of pre-demonetization stock. ITAT held that since cash sales were properly recorded in books and offered for taxation, re-adding the same amount would constitute impermissible double taxation. The assessee successfully discharged the burden of proving the source of deposited cash through relevant documentary evidence. AO's adverse findings lacked concrete evidence and were based on mere suspicion. Since cash from sales was credited in books of accounts, Section 69A provisions were inapplicable. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766478