Mumbai ITAT Deletes Section 69A Addition for Recorded Jewellery Sales During Demonetisation

Star Jewels Vs ITO (ITAT Mumbai) Mumbai ITAT Deletes Demonetisation Addition – Cash Deposits from Recorded Jewellery Sales Cannot Be Taxed under Section 69A on Mere Suspicion The ITAT Mumbai deleted the addition made under Section 69A read with Section 115BBE of the Income-tax Act, 1961 in respect of cash deposits made during the demonetisation period, holding that the deposits were supported by recorded cash sales and regular books of account. The assessee, a retail jewellery partnership firm, explained that the cash deposits arose from cash sales and available cash balance, supported b...