ITAT Deletes ₹9.75 Cr Addition as Cash Deposits Were Explained Through Business Receipts

DCIT Vs Vaibhav Ginning & Spinning Mill Private Limited (ITAT Rajkot) ITAT Deletes Section 69A Addition Because Demonetization Cash Deposits Matched Audited Cash Book; Demonetization Cash Deposits Cannot Be Taxed as Unexplained When Business Pattern Is Consistent; Section 69A Addition Unsustainable Because AO Accepted Books but Questioned Cash Balance Without Evidence; Cash Withdrawals and Redeposits Cannot Be Treated as Unexplained Without Proof of Diversion. The Income Tax Appellate Tribunal (ITAT), Rajkot, dismissed the Revenue’s appeal against the order of the Commissioner of Income ...