No addition of cash deposits of ₹ 17.16 Lakh u/s 69A as demonetization deposits were valid until 31.12.2016

Shivakumara Swamy Credit Coop Society Limited Vs ITO (ITAT Bangalore)

Conclusion: Cash deposits made by assessee during the demonetization period were properly explained and recorded, therefore, addition made under section 69A of ₹17,16,000 and taxed under section 115BBE was not sustainable.

Held: Assessee was a co-operative society engaged in the business of providing credit facilities to its members. It had deposited ₹17,16,000 in SBNs into his bank account between 9 November 2016 and 31 December 2016. During the scrutiny proceedings

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