Addition towards unexplained cash deposits deleted as it is part of business turnover

DCIT Vs Chiranjeet Kundu (ITAT Kolkata)

ITAT Kolkata held that addition under section 69A of the Income Tax Act towards unexplained cash deposits rightly deleted since it is already part of the turnover of the business. Accordingly, appeal of revenue dismissed.

Facts- AO has recorded a finding that there were large sums of money deposited as cash in the bank accounts during demonetization period. It is recorded in the assessment order that the said cash deposits could not be verified in the absence of books of accounts etc. which the assessee was required to

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