https://www.taxtmi.com/caselaws?id=442706 The ITAT ruled in favor of the appellant, deleting the addition of cash deposits during the demonetization period as unexplained income. The ITAT found that the appellant adequately substantiated the source of the cash deposits through evidence such as cash flow statements and bank records. As a result, the addition was deleted, and the question of penalty initiation under section 271AAC was deemed unnecessary for adjudication. en-us Mon, 04 Sep 2023 00:00:00 +0530 Fri, 08 Sep 2023 09:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442706 The ITAT ruled in favor of the appellant, deleting the addition of cash deposits during the demonetization period as unexplained income. The ITAT found that the appellant adequately substantiated the source of the cash deposits through evidence such as cash flow statements and bank records. As a result, the addition was deleted, and the question of penalty initiation under section 271AAC was deemed unnecessary for adjudication. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442706