No Section 69A Addition for Normal Business Deposits during Demonetisation

Suraj Somaru Varma Vs ITBA (ITAT Mumbai)

Mumbai Tribunal has deleted an addition of ₹9.16 lakh made u/s 69A on account of demonetized currency deposits, holding that such deposits were part of normal business transactions of a duly authorized Business Correspondence (BC) agent of Vodafone M-Pesa Ltd.

Assessee, working as a BC agent under an agreement with Vodafone M-Pesa Ltd. & as per RBI guidelines, collected cash from customers, deposited the same into his bank account, & remitted it to Vodafone M-Pesa, which in turn credited customer accounts. D

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