Cash deposits recorded in books of accounts cannot be treated as unexplained money u/s. 69A

Balsons Jewellers Vs ITO (ITAT Delhi)

ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposits as unexplained money cannot be sustained since the cash deposits is already recorded in books of accounts. Accordingly, appeal allowed.

Facts- The assessee is a firm engaged in the business of jewelers. The assessment was taken up for scrutiny and in the course of assessment proceedings the assessee was required to explain the cash of Rs.58,50,000/-deposited into its account during demonetization period. AO treated the cash deposi

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