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2024 (1) TMI 1262 - ITAT DELHIUnexplained cash deposits during the demonetization period - assessee failed to explain the source thereof satisfactorily during the assessment proceedings - AO dismissed the claim of sales and went on to make addition u/s 69A treating the deposits as income from undisclosed sources and computed the tax as per provisions of section 115BBE - CIT(A) deleted the addition - HELD THAT:- The undisputed fact is that there is not even a whisper of any defect, error or infirmity in the books of account maintained by the assessee which were audited both under the Companies Act and under the Income tax Act. The books of account have been maintained in the regular course of business and cash deposits in the books of account are duly reflected in the books of account Sales made by the assessee and shown in the regular books of account have been accepted as such by VAT authorities while framing the VAT assessment. The assessee was having sufficient stock in hand for making the impugned sales during the demonetization period and it is not the case of the AO that the assessee has shown bogus purchases to show bogus sales to cover up cash deposited during the demonetization period. No reason to interfere with the factual findings of the ld. CIT(A) - Decided against revenue.
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