Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
ITAT analyzed cash deposit during demonetization, finding no unexplained income. Assessee declared total sales of Rs. 49,03,470/- including cash sales of Rs. 30,25,930/-, with VAT returns matching ITR declarations. Independent VAT authorities confirmed no errors. Cash deposited originated from legitimate sales proceeds existing prior to demonetization announcement. Following precedent in similar cases, ITAT deleted addition under Section 69A, rejecting tax authorities' conjecture of undisclosed income. Tribunal ruled in favor of assessee, holding that taxing same income twice would be improper and unsupported by evidence.
ITAT analyzed cash deposit during demonetization, finding no unexplained income. Assessee declared total sales of Rs. 49,03,470/- including cash sales of Rs. 30,25,930/-, with VAT returns matching ITR declarations. Independent VAT authorities confirmed no errors. Cash deposited originated from legitimate sales proceeds existing prior to demonetization announcement. Following precedent in similar cases, ITAT deleted addition under Section 69A, rejecting tax authorities' conjecture of undisclosed income. Tribunal ruled in favor of assessee, holding that taxing same income twice would be improper and unsupported by evidence.
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