https://www.taxtmi.com/caselaws?id=450737 ITAT Surat ruled in favor of the assessee regarding cash deposits during demonetization period under section 69A. The tribunal found that lower authorities erroneously sustained the addition when the assessee provided sufficient evidence showing deposits from known sources including opening cash balance, bank withdrawals, and agricultural income. The AO accepted the books of accounts without finding defects but failed to properly examine submitted documentary evidence. The tribunal deleted the entire addition and allowed the appeal, noting the AO's decision was based on mere surmises rather than proper evidence evaluation. en-us Tue, 27 Feb 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450737 ITAT Surat ruled in favor of the assessee regarding cash deposits during demonetization period under section 69A. The tribunal found that lower authorities erroneously sustained the addition when the assessee provided sufficient evidence showing deposits from known sources including opening cash balance, bank withdrawals, and agricultural income. The AO accepted the books of accounts without finding defects but failed to properly examine submitted documentary evidence. The tribunal deleted the entire addition and allowed the appeal, noting the AO's decision was based on mere surmises rather than proper evidence evaluation. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450737