ITAT Deletes 69A Additions as Cash Deposit from Pre-Demonetisation Balance & Flat Purchase Through Book-Entry Proven

Kirit Kumar Patel Vs ITO (ITAT Hyderabad) Both Additions u/s 69A Deleted: Cash Deposit from Pre-Demonetisation Balance & Flat Purchase Through Book-Entry Proven Hyderabad Tribunal examined two additions made u/s 69A+Rs.14,00,000 deposited during demonetisation & Rs.79,60,000 towards flat purchase. Assessee demonstrated that his proprietorship accounts for AY 2016–17 were duly audited before demonetisation, reflecting a genuine cash-in-hand of Rs.20,94,588 as on 31.03.2016, much prior to 08.11.2016. Personal day-to-day cash statement showed continued drawdown leading to Rs.14,53,456 a...