Once Books Accepted, Cash Deposits Can’t Be Doubted: ITAT Jabalpur

Punjab House Vs ITO (ITAT Jabalpur) Cash deposits during demonetization held fully explained – AO erred in treating recorded cash as unexplained- Once books accepted, cash deposits can’t be doubted – ITAT Jabalpur In a detailed ruling, the Jabalpur Bench of the ITAT deleted additions made on account of alleged unexplained cash deposits during the demonetisation period, holding that once the books of account were audited & accepted by the AO, there was no legal justification for invoking Section 69A merely on suspicion or for want of confirmations from debtors. Background Assessee...