Section 69A not invocable as Cash Deposit Sources duly maintained: ITAT Ahmedabad

Dipak Balubhai Patel (HUF) Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that invocation of provisions of section 69A of the Income Tax Act unjustified as cash deposits during demonetization period duly recorded in books of account and source of cash deposits duly maintained. Facts- The assessee is a Karta of HUF. During scrutiny assessment, AO found that the assessee in his Account with Bank of Baroda deposited a sum of Rs.10,75,000/- during demonetization period. AO rejected the Books of Accounts by stating on the verification of the Return of Income filed for the A.Y. 2016-17, assessee has sh...