Addition u/s 69A - unexplained income - cash deposits made into ...

Cash deposits during demonetization period explained by audited books & tax audit report. No addition u/s 69A for unexplained income.

Case Laws Income Tax

July 8, 2024

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers for purchases - cash deposits recorded in books of account, audited, tax audit report furnished - assessee explained cash deposits of Rs. 69.25 lakhs, Rs. 13 lakhs from sales to party, remaining from cash sales during Diwali before demonetization - AO did not reject books of accounts - assessee's contention of receiving Rs. 13.95 lakhs cash from party not disputed - no cash collection by assessee after demonetization - coordinate Bench ruling that when audited books not rejected and sales not disturbed, no addition u/s 68 for cash deposits during demonetization - no addition u/s 69A for cash deposits as unexplained income - CIT(A)'s findings reversed, addition deleted.

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Addition u/s 69A - unexplained income - cash deposits made into ...

Cash deposits during demonetization period explained by audited books & tax audit report. No addition u/s 69A for unexplained income.

Case Laws Income Tax

July 8, 2024

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