Demonetization cash deposits: ITAT Kolkata deletes Section 69A addition

Islampur C.S. Shop 2 Vs ITO (ITAT Kolkata) The case of Islampur C.S. Shop 2 vs ITO was heard by the ITAT Kolkata, focusing on the assessment year 2017-18. The dispute arose when the assessee, a liquor business, deposited ₹19,70,600 in old currency notes during the demonetization period (November 9, 2016 – December 31, 2016). The Assessing Officer (AO) initiated proceedings under Section 147, citing insufficient evidence supporting the legitimacy of these deposits. The assessee contended that the cash was generated from legitimate liquor sales, backed by a sales ledger and bank statements. ...