https://www.taxtmi.com/caselaws?id=465233 ITAT Kolkata allowed the assessee's appeal, deleting addition made u/s 69A in respect of cash deposits during the demonetization period. The Tribunal held that the assessee's cash deposits were duly reflected in the regularly maintained books as cash sales from saree trading, which the AO had neither rejected nor doubted. Invoking s. 69A was held legally untenable because the provision applies to unexplained money not recorded in books. Further, treating recorded cash sales as unexplained money would lead to impermissible double addition-once as business sales and again as unexplained cash u/s 69A. Consequently, the assessment order was held unsustainable in law. en-us Thu, 13 Jun 2024 00:00:00 +0530 Thu, 11 Dec 2025 20:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465233 ITAT Kolkata allowed the assessee's appeal, deleting addition made u/s 69A in respect of cash deposits during the demonetization period. The Tribunal held that the assessee's cash deposits were duly reflected in the regularly maintained books as cash sales from saree trading, which the AO had neither rejected nor doubted. Invoking s. 69A was held legally untenable because the provision applies to unexplained money not recorded in books. Further, treating recorded cash sales as unexplained money would lead to impermissible double addition-once as business sales and again as unexplained cash u/s 69A. Consequently, the assessment order was held unsustainable in law. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465233