ITAT Delhi Restricts Section 69A Addition to ₹10 Lakh on Liquor Sale Cash Deposits

ACIT Vs Kavinder (ITAT Delhi) Cash Deposits from Liquor Sales Largely Accepted; Only ₹10 Lakh Sustained on Ad-hoc Basis: ITAT Delhi Restricts Section 69A Addition The Delhi Bench of the ITAT partly allowed the Revenue’s appeal for AY 2017-18 in the case of an assessee engaged in retail liquor business, by substantially reducing the addition made on account of cash deposits during the demonetisation period. The Assessing Officer, in a best-judgment assessment, had treated entire cash deposits of ₹4.72 crore in three bank accounts as unexplained under section 69A. The CIT(A)/NFAC deleted t...