https://www.taxtmi.com/caselaws?id=451165 ITAT Raipur allowed the assessee company's appeal against rejection of books of account under Section 145(3) and addition of cash deposits in demonetized currency. The AO's conclusion that sales transactions were conducted against SBNs during demonetization period was based on general presumptions and media clippings without evidence. The AO's estimation of 25% profit element on sales lacked material basis. Both assumptions regarding antedated sales and super profit earning were based on suspicion and conjecture rather than concrete proof. The addition was vacated. en-us Mon, 18 Mar 2024 00:00:00 +0530 Thu, 21 Mar 2024 09:23:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451165 ITAT Raipur allowed the assessee company's appeal against rejection of books of account under Section 145(3) and addition of cash deposits in demonetized currency. The AO's conclusion that sales transactions were conducted against SBNs during demonetization period was based on general presumptions and media clippings without evidence. The AO's estimation of 25% profit element on sales lacked material basis. Both assumptions regarding antedated sales and super profit earning were based on suspicion and conjecture rather than concrete proof. The addition was vacated. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451165