Addition u/s 69A for cash deposited during demonetization untenable as transaction duly explained

Oinidri Chakraborty Vs ITO (ITAT Kolkata)

ITAT Kolkata held that addition towards unexplained cash credit u/s 69A of the Income Tax Act untenable as cash deposited during the demonetization period duly explained.

Facts- The assessee is a partner in a partnership firm, Champahati C.S. Shop, which holds a liquor license and is engaged in the business of trading in liquor. Case was selected for scrutiny through CASS for verification of cash deposited during the demonetization

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