ITAT Deletes ₹1.36Cr Addition as Travel Agent’s Demonetization Deposits proved as Business Income

ITAT deleted an addition to income, ruling that travel agents' demonetization deposits were proven as business income. The tribunal accepted the explanation provided by the travel agents, supported by evidence, regarding the source of the deposits. This decision highlights the importance of maintaining proper documentation and accounting records to substantiate income sources. It provides clarity for businesses regarding the treatment of demonetization-related deposits. The ruling reinforces the principle that genuine business income should not be treated as undisclosed income.