https://www.taxtmi.com/caselaws?id=750953 The ITAT Visakhapatnam partially allowed the assessee's appeal regarding unexplained cash deposits under section 69A. The tribunal accepted the explanation for Rs. 30 lakhs as sale consideration from real estate business, supported by a sale agreement and confirmation letter. However, it rejected the explanation for loan receipts where the assessee failed to justify why a loan availed on 26/9/2016 and withdrawn on 29/9/2016 was deposited only on 13/11/2016. The tribunal accepted explanations for petty cash deposits made during demonetization and old currency notes exchanged for new notes, considering the assessee's business nature. en-us Mon, 18 Mar 2024 00:00:00 +0530 Thu, 04 Apr 2024 08:20:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750953 The ITAT Visakhapatnam partially allowed the assessee's appeal regarding unexplained cash deposits under section 69A. The tribunal accepted the explanation for Rs. 30 lakhs as sale consideration from real estate business, supported by a sale agreement and confirmation letter. However, it rejected the explanation for loan receipts where the assessee failed to justify why a loan availed on 26/9/2016 and withdrawn on 29/9/2016 was deposited only on 13/11/2016. The tribunal accepted explanations for petty cash deposits made during demonetization and old currency notes exchanged for new notes, considering the assessee's business nature. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750953