ITAT reversed addition made u/s 69A regarding cash deposits ...

ITAT Overturns Section 69A Addition: Demonetization Cash Deposits Valid Due to Documented Sales and VAT-Verified Business Records.

January 28, 2025

Case Laws Income Tax AT

ITAT reversed addition made u/s 69A regarding cash deposits during demonetization period. Assessee's regular books of accounts showed recorded sales proceeds, validated by VAT assessment authorities. Sufficient stock inventory supported legitimate sales transactions during the period. No evidence of fictitious purchases or sales to justify cash deposits was established by AO. CIT(A)'s confirmation of addition deemed legally unsustainable. Consequently, application of higher tax rate u/s 115BBE rejected. The tribunal found no basis for treating bank deposits as unexplained money u/s 69A, given proper documentation and business authenticity. Addition deleted in favor of assessee.

View Source

← Previous Next →

ITAT reversed addition made u/s 69A regarding cash deposits ...

ITAT Overturns Section 69A Addition: Demonetization Cash Deposits Valid Due to Documented Sales and VAT-Verified Business Records.

January 28, 2025

Case Laws Income Tax AT

You may also like:

Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, the...

The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits,...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

Cash deposited post demonetization period - AO making the addition of 30% of the cash deposited in the bank during post demonetization period - addition made by the AO...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Addition u/s 68 - unexplained cash towards cash deposits made during the demonetisation period - AO did not reject the books of accounts of the assessee and has not...

The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund...

Addition u/s 68 - cash deposits during the demonetization period in SBNs - Proof of the source being the cash sales with necessary corroborative evidences - after...

During the demonetization period, the assessee deposited Rs. 36.50 lacs in Specified Bank Notes (SBNs) in their bank account. The Assessing Officer (AO) made an addition...

Quick Updates: