The assessee is engaged in the business of financial services and has dealerships of IFTSPL and FRPL. Thus the assessee was a distributor and used to act as a commission agent for promotion, marketing and distribution of various cash products. The primary issue raised by the assessee was with respect to high-pitch addition made by the AO on account of cash deposit made during the demonetization period ignoring the business carried out by the Appellant. The facts of the case are that in the course of business, the assessee used to deposit daily cash collected from retailers who were working under the assessee and used to deposit the same in the bank account which was transmitted into bank of IFTSPL and FRPL through RTGS/NEFT which is evident from the bank statement. All the deposits were sale proceeds of distributorship. The assessee had placed the relevant agreements with the aforesaid two entities and their bank statement. The ITAT observed that the perusal of bank accounts clearly show that the cash deposited by the assessee prior to the demonetization period was immediately transferred to the accounts of FTSPL and FRTPL. Further, the cash deposits in the bank accounts were not abnormal as compared to the transaction in the earlier period. Therefore, the AO wrongly taxed the deposits u/s 115BBE as the deposits in bank accounts were a part and parcel of their business or transaction. (AY.  2017-18)