https://www.taxtmi.com/caselaws?id=751079 ITAT Chennai held in favor of assessee partnership firm engaged in jewellery business on two issues. First, regarding cash deposits under Section 68 during demonetization period, tribunal found assessee discharged burden of proving source of abnormal sales by demonstrating public panic led to increased jewellery purchases as safe investment option. AO failed to disprove assessee's explanation with mere allegations and statistics. Second, on excessive interest payment of 21% on unsecured loans from family members, tribunal upheld CIT(A)'s deletion finding rate reasonable considering higher risk, convenience, and no collateral requirements compared to institutional loans. Both additions deleted, decided against revenue. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 09:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751079 ITAT Chennai held in favor of assessee partnership firm engaged in jewellery business on two issues. First, regarding cash deposits under Section 68 during demonetization period, tribunal found assessee discharged burden of proving source of abnormal sales by demonstrating public panic led to increased jewellery purchases as safe investment option. AO failed to disprove assessee's explanation with mere allegations and statistics. Second, on excessive interest payment of 21% on unsecured loans from family members, tribunal upheld CIT(A)'s deletion finding rate reasonable considering higher risk, convenience, and no collateral requirements compared to institutional loans. Both additions deleted, decided against revenue. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751079