Section 69A Addition Deleted Due to Double Taxation of Recorded Sales

Sqny Fireworks Industries Vs ITO (ITAT Chennai) Summary: The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from an order dated 15.03.2024 passed by the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2017–18. The dispute related to an addition of ₹49,65,799 made under Section 69A of the Income Tax Act concerning specified bank notes (SBN) deposited during the demonetization period. The assessee, engaged in the business of purchase and sale of fireworks, had deposited ₹68,15,600 in SBNs. Out of this, the Assessing Officer accepted ₹18,49,901 as ...