Cash Deposits in Old Notes Alone Cannot Justify Section 69A Addition: ITAT Ahmedabad

Shreyas Co Op Credit Society Ltd Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, set aside the addition made under Section 69A read with Section 115BBE of the Income Tax Act in respect of cash deposits made during the demonetisation period and remanded the matter to the Assessing Officer (AO) for fresh examination. The Tribunal held that the addition could not be sustained merely because part of the cash deposits consisted of old denomination notes and that the relevant issue was whether the deposits represented genuine business receipts. The assessee, a cooperativ...