https://www.taxtmi.com/caselaws?id=424054 The appellant's cash deposit of Rs. 23,92,400 was partially disallowed under section 68 of the Income Tax Act, with the CIT(A) restricting the disallowance to 25% of the total amount, amounting to Rs. 5,98,100. The decision considered the appellant's business model in the unorganized sector, emphasizing the necessity of cash transactions due to dealing with unorganized traders. The judgment applied the peak theory in cash deposit analysis and compared with relevant ITAT decisions, ultimately justifying the 25% disallowance based on the unique circumstances of the appellant's business. en-us Fri, 17 Jun 2022 00:00:00 +0530 Tue, 21 Jun 2022 08:57:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424054 The appellant's cash deposit of Rs. 23,92,400 was partially disallowed under section 68 of the Income Tax Act, with the CIT(A) restricting the disallowance to 25% of the total amount, amounting to Rs. 5,98,100. The decision considered the appellant's business model in the unorganized sector, emphasizing the necessity of cash transactions due to dealing with unorganized traders. The judgment applied the peak theory in cash deposit analysis and compared with relevant ITAT decisions, ultimately justifying the 25% disallowance based on the unique circumstances of the appellant's business. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424054