https://www.taxtmi.com/caselaws?id=335282 The Income Tax Appellate Tribunal (ITAT) found in favor of the assessee, ruling that the addition of Rs. 16,00,000 made by the Assessing Officer (AO) was unjustified. The ITAT emphasized that the difference in denomination of currency notes alone was insufficient grounds for the addition, especially when the source of the deposit was adequately explained by the assessee. The tribunal highlighted that the revenue should focus on the source of the deposit rather than the denomination of notes. Consequently, the ITAT deleted the addition and allowed the appeal of the assessee, overturning the decisions of the AO and the Commissioner of Income Tax (Appeals) (CIT(A)). en-us Mon, 12 Sep 2016 00:00:00 +0530 Tue, 29 Nov 2016 11:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335282 The Income Tax Appellate Tribunal (ITAT) found in favor of the assessee, ruling that the addition of Rs. 16,00,000 made by the Assessing Officer (AO) was unjustified. The ITAT emphasized that the difference in denomination of currency notes alone was insufficient grounds for the addition, especially when the source of the deposit was adequately explained by the assessee. The tribunal highlighted that the revenue should focus on the source of the deposit rather than the denomination of notes. Consequently, the ITAT deleted the addition and allowed the appeal of the assessee, overturning the decisions of the AO and the Commissioner of Income Tax (Appeals) (CIT(A)). Case-Laws Income Tax Mon, 12 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335282