ITAT Amritsar Deletes Section 69A Addition on Demonetisation Cash Sales

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

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