Cash Deposits Treated as Turnover, Not Black Money – Section 69A Addition Deleted

Phoolchand Lalchand Bafna Vs ITO (ITAT Mumbai) Cash Deposits Shine as Turnover, Not Black Money – Tribunal Deletes Section 69A Addition on Demon Cash Deposits Mumbai ITAT has delivered a noteworthy decision granting relief to an assessee whose cash deposits during the demonetisation period were subjected to double taxation. Tribunal held that such deposits, when forming part of business turnover, cannot be separately taxed as unexplained money u/s 69A. Assessee, operated as a sub-dealer of two-wheelers dealing in multiple brands. His role involved collecting advances from customers, arrangin...