Cash Deposit During Demonetization from Liquor Sales: Addition u/s 69 Unjustified

Tamilnadu State Marketing Corporation Ltd. Vs ACIT (ITAT Chennai)

ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature and source of investment fully explained by the assessee, addition u/s. 69 of 69A not justifiable.

Facts- The sole issue in this appeal of assessee is as regards to the order of CIT(A)-NFAC confirming the addition made by AO of Rs.57.29 crores as unexplained investment u/s.69 of the Act in respect of cash deposits made in Specified Bank Notes(SBNs)

Please become a Premium member. If you are already a Premium member, login here to access the full content.