https://www.taxtmi.com/caselaws?id=441440 The tribunal allowed the appeal filed by the assessee, deleting the addition of Rs. 45,00,000 under section 69A of the Income Tax Act. It emphasized that the cash deposits during the demonetization period were adequately explained through the cash in hand and opening balance reflected in the genuine books of accounts. The tribunal held that in the absence of evidence contradicting the source of the cash deposits, no addition should be made, citing the case of ATUL GUPTA V/S ITO [142 TAXMANN.COM 36 (ITAT DELHI)]. en-us Tue, 21 Mar 2023 00:00:00 +0530 Tue, 08 Aug 2023 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441440 The tribunal allowed the appeal filed by the assessee, deleting the addition of Rs. 45,00,000 under section 69A of the Income Tax Act. It emphasized that the cash deposits during the demonetization period were adequately explained through the cash in hand and opening balance reflected in the genuine books of accounts. The tribunal held that in the absence of evidence contradicting the source of the cash deposits, no addition should be made, citing the case of ATUL GUPTA V/S ITO [142 TAXMANN.COM 36 (ITAT DELHI)]. Case-Laws Income Tax Tue, 21 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441440