ITAT Deletes ₹16.80 Lakh Addition for SBN Deposits from Liquor Sales

Bibekananda Pradhan Vs DCIT (ITAT Cuttack) In the case of Bibekananda Pradhan Vs DCIT, the appellant appealed against the order of the CIT(A), which upheld an addition of ₹16,80,000 under Section 69 of the Income Tax Act for cash deposited during the demonetization period. The appellant, represented by Advocate P.R. Mohanty, argued that the cash deposits were legitimate as they resulted from sales of Indian Made Foreign Liquor (IMFL) made under exceptional circumstances—specifically, customers paid in specified bank notes (SBN) after purchasing liquor, which could not be returned once open...