https://www.taxtmi.com/caselaws?id=751272 The ITAT Surat ruled in favor of the assessee regarding cash deposits made during demonetization. The assessee had withdrawn cash from bank and redeposited unused amounts during the demonetization period. Both lower authorities failed to properly appreciate documentary evidence submitted by the assessee. The tribunal held that income from undisclosed sources cannot be determined based on mere suspicions without identifying specific defects in evidence. The AO had not established that submitted documents were bogus. The tribunal directed addition of only Rs. 2,50,250 based on 10% net profit rate on cash deposits, to be taxed under normal provisions rather than section 115BBE. en-us Mon, 08 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751272 The ITAT Surat ruled in favor of the assessee regarding cash deposits made during demonetization. The assessee had withdrawn cash from bank and redeposited unused amounts during the demonetization period. Both lower authorities failed to properly appreciate documentary evidence submitted by the assessee. The tribunal held that income from undisclosed sources cannot be determined based on mere suspicions without identifying specific defects in evidence. The AO had not established that submitted documents were bogus. The tribunal directed addition of only Rs. 2,50,250 based on 10% net profit rate on cash deposits, to be taxed under normal provisions rather than section 115BBE. Case-Laws Income Tax Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751272