ITAT Chennai Deletes Demonetisation Addition – Cash Deposits from Recorded Business Receipts Cannot Be Taxed u/s 69

VR Dairy Private Limited Vs ITO (ITAT Chennai) ITAT Chennai Deletes Demonetisation Addition – Cash Deposits from Recorded Business Receipts Cannot Be Taxed u/s 69 The assessee company engaged in procurement and distribution of cow milk filed its return declaring a loss. During scrutiny, the AO treated cash deposits of ₹49.77 lakh made between 10.11.2016 and 16.12.2016 (demonetisation period) as unexplained investment and added the same u/s 69. The CIT(A) confirmed the addition on the ground that the assessee failed to satisfactorily explain the source of the deposits. Before the ITAT, the ...