AdvertisementDSA Motors Vs ITO (ITAT Chennai) The Chennai ITAT allowed the assessee’s appeal for AY 2017-18 against the order of the Commissioner of Income Tax (Appeals), NFAC, which had confirmed an addition of ₹50,33,000 under Section 69A read with Section 115BBE of the Income-tax Act in respect of specified bank notes (SBNs) deposited during the demonetisation period. The assessee, a partnership firm formed for operating a two-wheeler dealership, submitted that it could not commence business because the manufacturer failed to supply vehicles. The firm had obtained a loan from Tamilnadu Mercantil...