No addition of unexplained income u/s 69A for cash deposits from business sales during demonetization without contrary evidence

Muthusamy Mudaliar Prakasam Vs ACIT (ITAT Chennai) Conclusion: Mere act of depositing cash into a bank account, even during demonetization, was not conclusive proof of unexplained income under Section 69A especially for a business operating under a presumptive tax scheme. Held: Assessee was an individual running a jewellery shop in a rural area, deposited cash of ₹73.66 lakhs into their bank account during the 2016 demonetization period. He was covered by the presumptive taxation scheme under Section 44AD, which did not require the mandatory maintenance of detailed books of account. AO disre...