https://www.taxtmi.com/caselaws?id=460985 The ITAT Chennai ruled in favor of the assessee regarding unexplained money additions under section 69A for cash deposits during demonetization. The AO questioned high cash sales in October-November 2016 due to lack of buyer details. However, the ITAT found the assessee's books properly audited with matching trading accounts and stock reductions. Since purchases were genuine and sales below Rs.2 lakhs didn't require PAN collection, the abnormal increase in cash sales alone couldn't justify rejection. The AO's addition under section 69A was deemed erroneous and deleted. en-us Wed, 10 Apr 2024 00:00:00 +0530 Wed, 05 Mar 2025 18:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460985 The ITAT Chennai ruled in favor of the assessee regarding unexplained money additions under section 69A for cash deposits during demonetization. The AO questioned high cash sales in October-November 2016 due to lack of buyer details. However, the ITAT found the assessee's books properly audited with matching trading accounts and stock reductions. Since purchases were genuine and sales below Rs.2 lakhs didn't require PAN collection, the abnormal increase in cash sales alone couldn't justify rejection. The AO's addition under section 69A was deemed erroneous and deleted. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460985