https://www.taxtmi.com/caselaws?id=293447 The ITAT allowed the appeals of the assesses, setting aside the additions made under section 69A for cash deposits in their bank accounts. The ITAT found that the assesses consistently disclosed cash in their balance sheets and returns, rendering section 69A inapplicable. Despite post-demonetization cash deposits, the ITAT held that the disclosed cash-in-hand from previous years remained explained and legitimate. The additions were deemed lacking substance and based on assumptions rather than evidence, leading to their deletion. en-us Fri, 29 Mar 2019 00:00:00 +0530 Thu, 11 Feb 2021 20:27:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293447 The ITAT allowed the appeals of the assesses, setting aside the additions made under section 69A for cash deposits in their bank accounts. The ITAT found that the assesses consistently disclosed cash in their balance sheets and returns, rendering section 69A inapplicable. Despite post-demonetization cash deposits, the ITAT held that the disclosed cash-in-hand from previous years remained explained and legitimate. The additions were deemed lacking substance and based on assumptions rather than evidence, leading to their deletion. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293447