https://www.taxtmi.com/caselaws?id=467807 Cash deposits during demonetisation cannot be treated as unexplained income under section 69A where they are fully traceable to recorded business sales, available cash-book balances, corresponding stock reductions, and supporting sales, purchase, VAT and customer records. Cash sales cannot be characterised as bogus merely because deposits occurred during that period. Rejection of books under section 145(3) requires identified material defects; regularly maintained, audited books supported by quantitative stock records and transaction documents cannot be rejected without such defects. The additions based on unexplained cash deposits and rejected books were therefore deleted. en-us Thu, 29 Aug 2024 00:00:00 +0530 Sat, 04 Apr 2026 08:51:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467807 Cash deposits during demonetisation cannot be treated as unexplained income under section 69A where they are fully traceable to recorded business sales, available cash-book balances, corresponding stock reductions, and supporting sales, purchase, VAT and customer records. Cash sales cannot be characterised as bogus merely because deposits occurred during that period. Rejection of books under section 145(3) requires identified material defects; regularly maintained, audited books supported by quantitative stock records and transaction documents cannot be rejected without such defects. The additions based on unexplained cash deposits and rejected books were therefore deleted. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467807