https://www.taxtmi.com/caselaws?id=450694 The ITAT Ahmedabad allowed the assessee's appeal regarding additions made for suppressed income on cash sales and unexplained cash deposits under sections 68 and 115BBE. The AO had made protective additions for cash given to handlers during demonetization that was later deposited in bank accounts. The tribunal found that the assessee provided required PAN details of customers from stock registers, and for bullion transactions below Rs. 2 lakhs, proving purchaser identity and creditworthiness wasn't mandatory per Revenue guidelines. The protective addition was also deleted as the AO's findings regarding third parties weren't correlated to the assessee's actual transactions. en-us Fri, 08 Mar 2024 00:00:00 +0530 Mon, 11 Mar 2024 06:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450694 The ITAT Ahmedabad allowed the assessee's appeal regarding additions made for suppressed income on cash sales and unexplained cash deposits under sections 68 and 115BBE. The AO had made protective additions for cash given to handlers during demonetization that was later deposited in bank accounts. The tribunal found that the assessee provided required PAN details of customers from stock registers, and for bullion transactions below Rs. 2 lakhs, proving purchaser identity and creditworthiness wasn't mandatory per Revenue guidelines. The protective addition was also deleted as the AO's findings regarding third parties weren't correlated to the assessee's actual transactions. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450694