Addition quashed as cash deposit during demonetization was redeposit of cash already withdrawn

JCIT (OSD) Vs Avon Meters Private Limited (ITAT Delhi) ITAT Delhi held that addition towards cash deposit during demonetization period is not sustainable since the same is redeposit of cash which was withdrawn for making salary payment or incurring any expenditure. Accordingly, the addition is deleted. Facts- The assessee provides Energy Metering Solutions to the State Electricity Boards with its products range of ISI Marked High Precision Electromechanical & Electronic Energy Meters. It is also an approved supplier of single phase and three phase static meters to Assam State Electricity ...