ITAT Upholds Section 69A Addition for Depositing Demonetized Notes

Raju Ravichandran Vs ITO (ITAT Chennai) In the case of Raju Ravichandran vs ITO, the Income Tax Appellate Tribunal (ITAT), Chennai, upheld the assessment order treating cash deposits of ₹16.20 lakh made during the demonetization period as unexplained income under Section 69A of the Income Tax Act, 1961. The assessee, engaged in egg trading under the name ‘Arav Tradings’, had deposited specified bank notes (SBNs) of ₹500 and ₹1000 denominations between 09.11.2016 and 31.12.2016, claiming these were sales proceeds. The Assessing Officer held that post-demonetization, such notes ceased ...