S.69A Addition cannot be made solely on Claim that Assessee not a Specified Person to Accept Demonetized Currency: ITAT

The ITAT ruled that an addition under Section 69A of the Income Tax Act cannot be made solely based on the claim that the assessee is not a specified person to accept demonetized currency. The case involved a dispute over cash deposits made by the assessee after demonetization. The Income Tax Department had argued that the assessee was not authorized to accept old currency notes, and therefore, the deposits should be treated as unexplained income under Section 69A. However, the ITAT held that such an addition cannot be made without concrete evidence and dismissed the department's appeal. This ruling emphasizes the need for substantive proof before making additions under Section 69A.