https://www.taxtmi.com/caselaws?id=443317 The Tribunal allowed the appeal, overturning the addition of cash deposits during demonetization and the application of a flat tax rate. The Tribunal found that the Appellant had provided sufficient evidence to substantiate the source of cash deposits, including licenses, bank statements, and purchase records. It was held that the Appellant genuinely believed in entitlement to the notification benefit, leading to the deletion of the addition of INR 13,60,000 made by the Assessing Officer under Section 69A of the Income Tax Act, 1961. en-us Wed, 24 May 2023 00:00:00 +0530 Thu, 21 Sep 2023 07:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443317 The Tribunal allowed the appeal, overturning the addition of cash deposits during demonetization and the application of a flat tax rate. The Tribunal found that the Appellant had provided sufficient evidence to substantiate the source of cash deposits, including licenses, bank statements, and purchase records. It was held that the Appellant genuinely believed in entitlement to the notification benefit, leading to the deletion of the addition of INR 13,60,000 made by the Assessing Officer under Section 69A of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 24 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443317