https://www.taxtmi.com/caselaws?id=460913 ITAT Chennai ruled in favor of the assessee regarding cash deposits made during demonetization period. The tribunal found that the assessee legitimately accepted demonetized currency from customers due to scarcity of valid currency and banker's advice that such deposits were permitted until December 30, 2016. Once aware of restrictions, the assessee stopped accepting such payments. Since the source of deposits was explained as ordinary business sales properly recorded in books and included in income returns, no addition under Section 69A for unexplained money could be made. en-us Wed, 09 Oct 2024 00:00:00 +0530 Sat, 01 Mar 2025 14:25:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460913 ITAT Chennai ruled in favor of the assessee regarding cash deposits made during demonetization period. The tribunal found that the assessee legitimately accepted demonetized currency from customers due to scarcity of valid currency and banker's advice that such deposits were permitted until December 30, 2016. Once aware of restrictions, the assessee stopped accepting such payments. Since the source of deposits was explained as ordinary business sales properly recorded in books and included in income returns, no addition under Section 69A for unexplained money could be made. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460913