https://www.taxtmi.com/caselaws?id=423706 The Tribunal ruled in favor of the appellant, setting aside the decision of the Ld. CIT(A) to add income estimated by the Assessing Officer from cash deposits made during demonetization. The Tribunal found that the appellant maintained regular books of accounts, accurately recorded transactions, and treated pigmy deposits as liabilities in the Balance Sheet. It concluded that there was no basis for income estimation by tax authorities, directing the A.O. to delete the addition related to estimated income and allowing the appellant's appeal. en-us Thu, 07 Apr 2022 00:00:00 +0530 Mon, 13 Jun 2022 08:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423706 The Tribunal ruled in favor of the appellant, setting aside the decision of the Ld. CIT(A) to add income estimated by the Assessing Officer from cash deposits made during demonetization. The Tribunal found that the appellant maintained regular books of accounts, accurately recorded transactions, and treated pigmy deposits as liabilities in the Balance Sheet. It concluded that there was no basis for income estimation by tax authorities, directing the A.O. to delete the addition related to estimated income and allowing the appellant's appeal. Case-Laws Income Tax Thu, 07 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423706