https://www.taxtmi.com/caselaws?id=440221 The Tribunal upheld the decision to delete the addition made under Section 68 of the Income Tax Act concerning cash deposits during demonetization. The Revenue's appeal against the deletion of the addition was dismissed, as the assessee demonstrated consistency in cash sales and deposits with previous financial years. The Tribunal found that the Assessing Officer's method and findings were flawed and not supported by evidence, citing judicial precedents that established the inaccuracy of treating recorded cash deposits as unexplained income. en-us Fri, 09 Jun 2023 00:00:00 +0530 Wed, 12 Jul 2023 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440221 The Tribunal upheld the decision to delete the addition made under Section 68 of the Income Tax Act concerning cash deposits during demonetization. The Revenue's appeal against the deletion of the addition was dismissed, as the assessee demonstrated consistency in cash sales and deposits with previous financial years. The Tribunal found that the Assessing Officer's method and findings were flawed and not supported by evidence, citing judicial precedents that established the inaccuracy of treating recorded cash deposits as unexplained income. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440221