Cash Deposits Recorded in Books Cannot Be Taxed as Unexplained Money Without Rejecting Accounts

ACIT Vs Mohamad Israil Cold Storages Pvt. Ltd (ITAT Patna) The Income Tax Appellate Tribunal (ITAT), Patna, in the case of ACIT Vs Mohamad Israil Cold Storages Pvt. Ltd., has ruled that cash deposits made during the demonetization period, which are duly recorded in the assessee’s books of account, cannot be treated as unexplained money under Section 69A of the Income Tax Act, 1961, without the Assessing Officer first rejecting the books of account. This decision upholds the principle that income recorded in the books cannot be added again under a different section without a finding that ...