https://www.taxtmi.com/caselaws?id=462591 The Tribunal allowed the appeal and deleted the addition of Rs. 20,94,855/- made under section 69A of the Income Tax Act for alleged unexplained cash deposits during demonetization. The assessee successfully proved the source of cash deposits in a joint bank account through detailed business records of their newspaper distribution agency, including sub-vendor lists, daily sales registers, and consistent prior year bank statements. The Tribunal held that mere timing of deposits during demonetization cannot justify treating cash as unexplained when credible evidence of legitimate business sources is provided. The AO's addition was deemed unwarranted as the source was satisfactorily explained. en-us Fri, 11 Aug 2023 00:00:00 +0530 Wed, 02 Jul 2025 19:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462591 The Tribunal allowed the appeal and deleted the addition of Rs. 20,94,855/- made under section 69A of the Income Tax Act for alleged unexplained cash deposits during demonetization. The assessee successfully proved the source of cash deposits in a joint bank account through detailed business records of their newspaper distribution agency, including sub-vendor lists, daily sales registers, and consistent prior year bank statements. The Tribunal held that mere timing of deposits during demonetization cannot justify treating cash as unexplained when credible evidence of legitimate business sources is provided. The AO's addition was deemed unwarranted as the source was satisfactorily explained. Case-Laws Income Tax Fri, 11 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462591