ITAT upheld the finding that cash deposits made by Assessee A...

ITAT upheld the finding that cash deposits made by Assessee A during the demonetization period were from own business sources, namely unorganized milk sales, but rejected the claim of substantial opening cash balance as unsubstantiated and self-serving, given absence of returns and audited books. ITAT concurred with CIT(A) that the entire cash deposits could not be treated as unexplained income and, considering the peculiar facts, sustained only 10% of the cash deposits as profit element, quantified at Rs. 74,800/-. ITAT further held that such income is taxable at normal slab rates and not under s.115BBE. The estimation and findings were directed not to operate as precedent for other assessment years.