https://www.taxtmi.com/caselaws?id=441061 The appeal involved the addition of unaccounted cash under section 69 of the Income Tax Act, 1961, related to demonetized currency deposits during the specified period. The assessee, a distributor, had unexplained cash deposits found during a survey, leading to the reopening of the case by the AO. The CIT(A) upheld the addition, citing a diary disclosure and partner's admission. The Tribunal estimated a 10% disallowance on cash sales, directing taxation as business income under normal rates. The appeal was partly allowed based on this analysis. No separate judgment was provided in this case. en-us Fri, 28 Jul 2023 00:00:00 +0530 Tue, 01 Aug 2023 09:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441061 The appeal involved the addition of unaccounted cash under section 69 of the Income Tax Act, 1961, related to demonetized currency deposits during the specified period. The assessee, a distributor, had unexplained cash deposits found during a survey, leading to the reopening of the case by the AO. The CIT(A) upheld the addition, citing a diary disclosure and partner's admission. The Tribunal estimated a 10% disallowance on cash sales, directing taxation as business income under normal rates. The appeal was partly allowed based on this analysis. No separate judgment was provided in this case. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441061