https://www.taxtmi.com/caselaws?id=446831 ITAT Surat partially allowed the appeal in a case involving unexplained cash deposits during demonetization under Section 69A. The assessee deposited cash in bank account during demonetization period. AO found assessee showed zero cash balance in AY 2015-16 but made substantial deposits. ITAT accepted AO's finding that assessee had legitimate cash balance of Rs. 6 lacs and allowed additional Rs. 2 lacs benefit. Addition of Rs. 8 lacs was deleted, while Rs. 2.90 lacs addition was upheld. Following precedents, ITAT held amended Section 115BBE provisions are not retrospective, directing taxation at 30% instead of higher rates. en-us Tue, 07 Nov 2023 00:00:00 +0530 Tue, 12 Dec 2023 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446831 ITAT Surat partially allowed the appeal in a case involving unexplained cash deposits during demonetization under Section 69A. The assessee deposited cash in bank account during demonetization period. AO found assessee showed zero cash balance in AY 2015-16 but made substantial deposits. ITAT accepted AO's finding that assessee had legitimate cash balance of Rs. 6 lacs and allowed additional Rs. 2 lacs benefit. Addition of Rs. 8 lacs was deleted, while Rs. 2.90 lacs addition was upheld. Following precedents, ITAT held amended Section 115BBE provisions are not retrospective, directing taxation at 30% instead of higher rates. Case-Laws Income Tax Tue, 07 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446831