Cash Deposits During Demonetisation from Accounted Sales Cannot Be Taxed Again: ITAT Bangalore

Perumal Karthik Vs ITO (ITAT Bangalore) ITAT Bangalore Deletes Additions on Demonetisation Cash & Lorry Cost — Fish Trader’s Books Found Genuine & Audited Assessee, a small fish trader from Bhadravathi, filed return declaring ₹6.99 lakh income on total sales of ₹2.72 crore. During scrutiny, AO noted cash deposits of ₹9.51 lakh (₹9.09 lakh in old notes) during demonetisation & made addition of ₹7.46 lakh treating it as unexplained. AO also added ₹4 lakh alleging inflated cost of lorry purchase & excessive depreciation, as part of payment for body-building was lat...