Demonetisation Cash Deposits to be Taxed as Business Income, Not Unexplained u/s 69A

Dineshkumar Nemichand Jain Vs ITO (ITAT Ahmedabad) Pick & Choose Approach of CIT(A) Rejected – Demonetisation Deposits Cannot Be Singled Out – Treated as Business Income Not u/s 69A -ITAT Ahmedabad AO had made two additions: ₹26,57,500 – cash deposits during demonetisation, treated as unexplained u/s 69A & ₹11,11,800 – net profit estimated @ 8% of turnover. CIT(A) partly allowed appeal, sustaining ₹26.57 lakh addition as unexplained, while estimating NP @ 6% on other business income Assessee’s Arguments Cash deposits during demonetisation were from regular business...