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ITAT Amritsar Deletes Section 69A Addition on Demonetisation Cash Sales
Case Law Details
- Case Name
- Kunal Arora Vs AO (ITAT Amritsar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Amritsar
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Kunal Arora Vs AO (ITAT Amritsar)
Violation of RBI notification ≠ unexplained income: ITAT Amritsar deletes s.69A on demonetisation cash sales
Amritsar Tribunal allowed Assessee’s appeal & deleted addition of ₹3.66 lakh u/s 69A made on account of deposit of ₹1,000 SBN notes after 25-11-2016 by a petrol pump dealer. Tribunal noted that Assessee maintained regular books of account, cash book was examined in scrutiny, sales, stock movement & GP were accepted, & the impugned deposits were undisputedly part of recorded cash sales already included in gross turnover of ₹8....
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