https://www.taxtmi.com/caselaws?id=461034 The ITAT Chennai dismissed the revenue's appeal regarding unexplained cash deposits during demonetization period. The AO had added cash deposits under sections 69A and 115BBE, alleging the assessee booked bogus sales to cover up specified bank note deposits. However, the assessee provided comprehensive documentation including sales bills, purchase bills, and stock registers proving legitimate sales transactions. The CIT(A) correctly deleted the additions after finding the cash deposits were explained through opening cash balance and pre-demonetization cash sales. The ITAT upheld this decision, noting the AO failed to identify discrepancies in the maintained books of accounts. en-us Fri, 05 Apr 2024 00:00:00 +0530 Fri, 07 Mar 2025 19:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461034 The ITAT Chennai dismissed the revenue's appeal regarding unexplained cash deposits during demonetization period. The AO had added cash deposits under sections 69A and 115BBE, alleging the assessee booked bogus sales to cover up specified bank note deposits. However, the assessee provided comprehensive documentation including sales bills, purchase bills, and stock registers proving legitimate sales transactions. The CIT(A) correctly deleted the additions after finding the cash deposits were explained through opening cash balance and pre-demonetization cash sales. The ITAT upheld this decision, noting the AO failed to identify discrepancies in the maintained books of accounts. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461034