ITAT Chennai deletes demonetisation cash deposit addition – Once books are accepted, cash sales cannot be treated as unexplained money u/s 69A

Sunpenta Mining Service Private Limited Vs DCIT (ITAT Chennai) ITAT Chennai deletes demonetisation cash deposit addition – Once books are accepted, cash sales cannot be treated as unexplained money u/s 69A Assessee, engaged in explosive retail & services, filed its return for AY 2017-18 & had deposited ₹1.56 crore in old currency during demonetisation. The deposits were claimed to be cash sales duly recorded in the books of account, which were audited & accepted by the AO. Despite this, the AO held that October & 1–8 November 2016 sales were abnormally high compared to av...