Demonetization Deposits from Genuine Sales Not Unexplained Income: ITAT Agra

DCIT Vs Surendra Kumar Gautam (ITAT Agra) ITAT Agra held that amount deposited during demonetization period cannot be treated as unexplained income since the amount is deposited out of genuine cash sales. Accordingly, appeal of revenue dismissed. Facts- The assessee is engaged in the business of trading of fertilizer. The case of the assessee was reopened on the basis of an information that the assessee deposited cash of Rs.3,14,65,500/- in his bank account during the demonetization period. AO noticed that the cash sales during the year under consideration till Septembr was below Rs.50 lakhs a...