Failure to provide PAN alone couldn’t be the sole reason to treat sales as unexplained money, when Aadhaar details were submitted

Vijaykumar Jagannath Agarwal Vs ITO (ITAT Ahmedabad) Conclusion: Assessee had recorded the cash deposits as sales in the audited books of account, and no discrepancies were found by AO or CIT(A). Failure to provide PAN alone could not be the sole reason to treat the sales as unexplained money, particularly when Aadhaar details were submitted. Held: Assessee was a textile trader, who had deposited Rs. 27,76,460 in his business account and an additional Rs. 2,50,000 in his personal savings account during the 2016 demonetization period. AO had treated the entire sum as unexplained money under Sec...