Recorded Sales During Demonetisation Cannot Be Taxed as Unexplained Money: ITAT Hyderabad

MRL Trading Company Vs ITO (ITAT Hyderabad) Recorded Sales During Demonetisation Cannot Be Taxed as Unexplained Money — Section 69A Inapplicable The Hyderabad Bench of the ITAT held that cash deposits made during the demonetisation period cannot be assessed as unexplained money under Section 69A when such deposits emanate from regular business sales duly recorded in the books of account. The Tribunal placed significant emphasis on the fact that the Assessing Officer neither rejected the audited books nor disputed the sales turnover, which stood independently verified and accepted by the Comm...