https://www.taxtmi.com/caselaws?id=460986 The ITAT Chennai allowed the assessee's appeal and directed deletion of addition under Section 68. The AO had made the addition solely because the assessee deposited Specified Bank Notes during demonetization period, violating government notification dated 08.11.2016. The tribunal found no significant change in cash deposits during demonetization compared to previous periods. The assessee had sufficient fireworks stock for Diwali sales on 30.10.2016, generating legitimate cash deposits. Stock registers showed no defects, purchases/sales matched inflow/outflow, goods were VAT-compliant, and books of accounts had no infirmities, justifying deletion of the addition. en-us Fri, 12 Jul 2024 00:00:00 +0530 Wed, 05 Mar 2025 18:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460986 The ITAT Chennai allowed the assessee's appeal and directed deletion of addition under Section 68. The AO had made the addition solely because the assessee deposited Specified Bank Notes during demonetization period, violating government notification dated 08.11.2016. The tribunal found no significant change in cash deposits during demonetization compared to previous periods. The assessee had sufficient fireworks stock for Diwali sales on 30.10.2016, generating legitimate cash deposits. Stock registers showed no defects, purchases/sales matched inflow/outflow, goods were VAT-compliant, and books of accounts had no infirmities, justifying deletion of the addition. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460986