Routine Business Cash Deposits Not Taxable Despite No ITR

Kirankumar Amrutlal Shah Vs ITO (ITAT Ahmedabad) Routine Business Cash Deposits Can’t Be Taxed u/s 69A – ITAT Ahmedabad Quashes 115BBE Hit- No ITR Doesn’t Mean Unexplained Cash: Tribunal Protects Small Trader in DM Period Case Assessee, a small Kariyana Trader, deposited Rs.10,09,000 in his two bank accounts during demonetisation. AO treated the sum as unexplained money u/s 69A & taxed it u/s 115BBE, mainly because no return was filed for AY 2017-18. Assessee explained that his sales were Rs.48,31,861 with a low margin, resulting in taxable income of only Rs.2,33,612, hence no filing...