https://www.taxtmi.com/caselaws?id=311158 ITAT Surat ruled in favor of assessee regarding unexplained cash deposits under Section 68. Assessee operated as railway ticket booking agent, depositing old denomination notes received from clients directly to IRCTC via debit card payments. The tribunal found AO failed to controvert assessee's evidence showing legitimate business transactions as sub-agent for online booking company. Assessee provided client details and relied on press release permitting old currency notes for railway bookings. Following precedent, the tribunal held no addition warranted as assessee discharged burden of proof showing deposits were genuine sale proceeds, avoiding double taxation. Appeal allowed. en-us Fri, 30 Jun 2023 00:00:00 +0530 Mon, 11 Dec 2023 14:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311158 ITAT Surat ruled in favor of assessee regarding unexplained cash deposits under Section 68. Assessee operated as railway ticket booking agent, depositing old denomination notes received from clients directly to IRCTC via debit card payments. The tribunal found AO failed to controvert assessee's evidence showing legitimate business transactions as sub-agent for online booking company. Assessee provided client details and relied on press release permitting old currency notes for railway bookings. Following precedent, the tribunal held no addition warranted as assessee discharged burden of proof showing deposits were genuine sale proceeds, avoiding double taxation. Appeal allowed. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311158