https://www.taxtmi.com/caselaws?id=767141 ITAT Ahmedabad ruled in favor of assessee regarding cash deposits during demonetization period. AO added deposits as unexplained income u/s 68/69A citing suspicious structured transactions below Rs. 2 lakh PAN threshold and lack of detailed stock records. ITAT held that structuring purchases within legal limits cannot penalize assessee for rule compliance. AO failed to provide evidence disproving sales genuineness or rejecting books of accounts u/s 145(3). Since transactions were recorded in books with supporting stock records and auditor verification, Section 69A was inapplicable. Addition based on mere suspicion without material evidence was deleted. en-us Fri, 07 Mar 2025 00:00:00 +0530 Tue, 11 Mar 2025 08:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767141 ITAT Ahmedabad ruled in favor of assessee regarding cash deposits during demonetization period. AO added deposits as unexplained income u/s 68/69A citing suspicious structured transactions below Rs. 2 lakh PAN threshold and lack of detailed stock records. ITAT held that structuring purchases within legal limits cannot penalize assessee for rule compliance. AO failed to provide evidence disproving sales genuineness or rejecting books of accounts u/s 145(3). Since transactions were recorded in books with supporting stock records and auditor verification, Section 69A was inapplicable. Addition based on mere suspicion without material evidence was deleted. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767141