https://www.taxtmi.com/caselaws?id=426199 The Tribunal dismissed the Revenue's appeal against the Ld.CIT(A)'s decision to allow the assessee's explanation for cash deposits during demonetization. The Tribunal emphasized the need for the Assessing Officer to establish contrary evidence before disallowing income based on presumptions, ultimately upholding the deletion of the addition/disallowance. The decision underscored the importance of substantiating cash transactions, the burden of proof on the assessee under section 68 of the Income Tax Act, and the necessity for concrete evidence to support disallowances. en-us Thu, 21 Jul 2022 00:00:00 +0530 Wed, 10 Aug 2022 09:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426199 The Tribunal dismissed the Revenue's appeal against the Ld.CIT(A)'s decision to allow the assessee's explanation for cash deposits during demonetization. The Tribunal emphasized the need for the Assessing Officer to establish contrary evidence before disallowing income based on presumptions, ultimately upholding the deletion of the addition/disallowance. The decision underscored the importance of substantiating cash transactions, the burden of proof on the assessee under section 68 of the Income Tax Act, and the necessity for concrete evidence to support disallowances. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426199