Summary
- The Chandigarh ITAT has dismissed the Revenue's appeal, upholding the deletion of ₹1.68 crore in additions under Section 69A against Budhamal & Sons Jewellers.
- The Tribunal found that cash deposits were substantiated by recorded business sales and could not be taxed twice, as they were already included in the firm's declared income.
- It also ruled that separate additions for duplicate deposits and those from accounts not belonging to the firm were impermissible.
- This decision emphasizes the necessity for thorough reconciliation of bank deposits with recorded turnover, impacting future assessments involving demonetisation-related transactions.
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