https://www.taxtmi.com/caselaws?id=766905 ITAT Chennai upheld CIT(A)'s deletion of addition under section 69A read with section 115BBE regarding cash deposits made during demonetization period. The assessee had deposited specified bank notes from legitimate cash sales that were properly recorded in books of accounts and offered for taxation. The tribunal found that adding the same amount again would constitute impermissible double taxation. The assessee successfully discharged the burden of proving the source of deposited cash with supporting documents and evidence submitted to statutory authorities including TNVAT department. The AO's allegations lacked concrete evidence and were based on mere suspicion. Since cash from sales was already credited in books of accounts, section 69A provisions were not applicable. en-us Mon, 24 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766905 ITAT Chennai upheld CIT(A)'s deletion of addition under section 69A read with section 115BBE regarding cash deposits made during demonetization period. The assessee had deposited specified bank notes from legitimate cash sales that were properly recorded in books of accounts and offered for taxation. The tribunal found that adding the same amount again would constitute impermissible double taxation. The assessee successfully discharged the burden of proving the source of deposited cash with supporting documents and evidence submitted to statutory authorities including TNVAT department. The AO's allegations lacked concrete evidence and were based on mere suspicion. Since cash from sales was already credited in books of accounts, section 69A provisions were not applicable. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766905