Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]

Deposit - Cash Sales - Demonetization - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has deleted an addition under section 69A of the Income Tax Act, 1961 by holding the deposit of banned notes received by the assessee from cash sales during demonetization period is legally valid. During the assessment proceedings, the AO made addition under section 69A towards unexplained cash…

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