No Section 69A addition where cash deposits reflected as sales & accepted by Revenue

ITO Vs Rajesh Kumar Chhanalal Patel (ITAT Ahmedabad)

Ahmedabad ITAT upholds CIT(A) order deleting the addition of Rs. 86.75 Cr under Section 69A as Assessee’s unexplained income; Holds that the cash deposited in bank account cannot be treated as unexplained as the Revenue himself in the remand report and on verification accepted that the entire cash deposited was accounted for as sales in the books of the Assessee; Assessee-Individual, engaged in the business of trading in gold and silver on wholesale basis, deposited cash of Rs. 86.75 Cr in his curre

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