https://www.taxtmi.com/caselaws?id=442811 The Appellate Tribunal ITAT Ahmedabad allowed the appeal filed by the Assessee, overturning the decision of the CIT(A) regarding the consideration of cash deposit as unexplained cash. The Tribunal accepted the Assessee's explanation that the cash deposits were made during demonetization against cash sales and payments from debtors, noting the heavy cash sales during that period and delayed entries in the books of accounts. It was held that the Assessing Officer's addition under Section 69A of the Act was unjustified, leading to the favorable outcome for the Assessee. en-us Wed, 06 Sep 2023 00:00:00 +0530 Mon, 11 Sep 2023 09:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442811 The Appellate Tribunal ITAT Ahmedabad allowed the appeal filed by the Assessee, overturning the decision of the CIT(A) regarding the consideration of cash deposit as unexplained cash. The Tribunal accepted the Assessee's explanation that the cash deposits were made during demonetization against cash sales and payments from debtors, noting the heavy cash sales during that period and delayed entries in the books of accounts. It was held that the Assessing Officer's addition under Section 69A of the Act was unjustified, leading to the favorable outcome for the Assessee. Case-Laws Income Tax Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442811