Cash Deposits Cannot Be Treated as Unexplained When Books of Account Are Accepted

Rahul Cold Storage Vs ITO (ITAT Raipur) The appeal before the Income Tax Appellate Tribunal (ITAT), Raipur, arose from the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, dated 12.05.2022, which upheld an addition of ₹46,55,000 made by the Assessing Officer under Section 68 of the Income Tax Act for Assessment Year 2017–18. The addition related to cash deposits made during the demonetization period, which were treated as unexplained cash credits. The assessee, a firm engaged in the business of running a cold storage, had deposited ₹46.55 lakh in demone...