Cash deposits during demonetization explained as regular sales by authorized dealer; no unexplained money.

The Income Tax Appellate Tribunal (ITAT) determined that the addition made by the Assessing Officer under Section 69A, in conjunction with Section 115BBE, was unjustified. The assessee, an authorized dealer of a reputable motor company, had accurately recorded cash sales in its books, and the cash deposits during the demonetization period were from cash in hand as per the regular accounts. Since the books were not rejected and there was no evidence of unrecorded sales, the ITAT concluded that the source of the cash deposits was adequately explained, leading to the deletion of the addition. .....

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