Cash Deposits during Demonetization from Business Sales Are Not Unexplained

Rama Sharma Vs ITO (ITAT Delhi) The addition made by the AO u/s 69A for deposited unexplained cash in her current bank account of firm and individual name during demonetization period – Deleted by ITAT Delhi as considered sale proceedings of business and past house hold savings The amount deposited in bank were the sale proceeds of the goods traded in the business of the assessee and were duly recorded in the books of accounts. It was further submitted that on the sale of goods, VAT was duly paid to the government account and income arising out of trading business were duly offered to tax by...