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2023 (7) TMI 1009 - ITAT VISAKHAPATNAMAddition u/s 69A - unexplained cash deposits during the demonetization period - HELD THAT:- We agree with assessee that only source of income is from sale of crackers, and it can be concluded that the cash deposits in the assessee’s bank account arise only out of cash sale. No material against the assessee is brought on record by the AO for the cash deposits. When the purchases and closing stock was not disputed by the Revenue, it is imperative to admit that the difference ought to be the sales made by the assessee. The assessee in its written submissions accepted the additional profit. Relying on the decision of Sridevi Ravi [2020 (12) TMI 665 - ITAT CHENNAI] we find that the assessee has therefore explained the cash deposits and hence no addition can be made U/s. 69A r.w.s. 115BBE - Decided in favour of assessee.
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