https://www.taxtmi.com/caselaws?id=450073 The ITAT Chennai ruled against the Revenue in a case involving cash deposits under Section 69A read with Section 115BBE during demonetization. The assessee successfully provided evidence including cash books and sales bills explaining the source of cash deposits in new currency notes. The AO's addition was based solely on differences between the cashier's rough cash book and the computer-generated cash book submitted during assessment. The ITAT accepted the assessee's reasonable explanation for these differences and upheld the CIT(A)'s recomputation of net profit at Rs. 1,14,60,846 after excluding corresponding sales and purchase costs, finding it consistent with accepted accounting principles. en-us Wed, 21 Feb 2024 00:00:00 +0530 Mon, 26 Feb 2024 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450073 The ITAT Chennai ruled against the Revenue in a case involving cash deposits under Section 69A read with Section 115BBE during demonetization. The assessee successfully provided evidence including cash books and sales bills explaining the source of cash deposits in new currency notes. The AO's addition was based solely on differences between the cashier's rough cash book and the computer-generated cash book submitted during assessment. The ITAT accepted the assessee's reasonable explanation for these differences and upheld the CIT(A)'s recomputation of net profit at Rs. 1,14,60,846 after excluding corresponding sales and purchase costs, finding it consistent with accepted accounting principles. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450073