https://www.taxtmi.com/caselaws?id=446859 ITAT Surat partly allowed the appeal regarding unexplained cash deposits under Section 68 during demonetization period. The tribunal deleted 50% of the addition due to benefit of doubt, as no adverse material was produced by AO despite assessee's explanation being inadequate. For remaining addition, ITAT directed taxation at 30% instead of Section 115BBE provisions, following precedents that held amended Section 115BBE is not retrospective. The appeal was partly allowed with modified tax treatment. en-us Thu, 30 Nov 2023 00:00:00 +0530 Tue, 12 Dec 2023 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446859 ITAT Surat partly allowed the appeal regarding unexplained cash deposits under Section 68 during demonetization period. The tribunal deleted 50% of the addition due to benefit of doubt, as no adverse material was produced by AO despite assessee's explanation being inadequate. For remaining addition, ITAT directed taxation at 30% instead of Section 115BBE provisions, following precedents that held amended Section 115BBE is not retrospective. The appeal was partly allowed with modified tax treatment. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446859