https://www.taxtmi.com/caselaws?id=446409 ITAT Mumbai upheld addition under Section 68 for cash deposits made during demonetization period. Assessee offered additional income before ITSC but failed to establish nexus between offered income and cash deposits with documentary evidence. Despite opportunities, assessee could not prove source of deposits made on 25/11/2016. ITAT found assessee's arguments as afterthought, noting offered income pertained to assessment years 2009-10 to 2016-17. CIT(A)'s order was set aside, AO's addition affirmed, and Revenue's appeal allowed. en-us Wed, 27 Sep 2023 00:00:00 +0530 Sun, 22 Dec 2024 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446409 ITAT Mumbai upheld addition under Section 68 for cash deposits made during demonetization period. Assessee offered additional income before ITSC but failed to establish nexus between offered income and cash deposits with documentary evidence. Despite opportunities, assessee could not prove source of deposits made on 25/11/2016. ITAT found assessee's arguments as afterthought, noting offered income pertained to assessment years 2009-10 to 2016-17. CIT(A)'s order was set aside, AO's addition affirmed, and Revenue's appeal allowed. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446409