Cash from Business Sales, Not Unexplained – Demonetisation Cash Addition deleted

Tekchand Harilal Vs ITO (ITAT Cuttack) The Income Tax Appellate Tribunal (ITAT), Cuttack Bench, has ruled in favor of Tekchand Harilal, a firm engaged in the distribution of FMCG products and PDS kerosene, by deleting an addition of Rs.5,01,500 made to its income for the Assessment Year (A.Y.) 2017-18. The dispute arose from cash deposits made during the demonetization period, which the Assessing Officer (AO) had deemed unexplained under Section 69A of the Income Tax Act, 1961. The assessee, a distributor for Nestle, Amul, and PDS kerosene, had filed its return of income disclosing a total inc...