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2023 (4) TMI 735 - ITAT PUNEAddition towards the cash deposited during demonetization period - HELD THAT:- Detailed copies of partner’s current and fixed capital accounts have been annexed to the balance sheet which shows that the partners had made substantial capital contributions to the firm. Closing cash in hand also shown. The above narration of the factual panorama reveals that the assessee was having sufficient capital balance of partners and opening cash in hand. After meeting certain expenses incurred in cash, the assessee deposited Rs.16.81 lakh in its bank account, still leaving balance of cash in hand on 30-12-2016, being, the last day of demonetization scheme at Rs.3,86,991/- and such balance at the end of the year came to Rs.3.74 lakh. This depicts the amount of cash deposited in the bank account during demonetization period was from the assessee’s business operations only, which was properly accounted for in the books of account.Therefore, order to delete the addition sustained in the first appeal. Appeal is allowed.
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