https://www.taxtmi.com/caselaws?id=313670 ITAT Delhi upheld CIT-A's decision deleting addition u/s 68 regarding cash deposits during demonetization period. Revenue argued assessee failed to explain source of deposited cash and maintained cash books were self-serving afterthoughts. Tribunal found assessee adequately demonstrated source through site cash books and main cash book showing opening balance of Rs. 1,24,68,418/- and substantial cash withdrawals of Rs. 2,63,10,000/- during relevant period, significantly higher than previous year's Rs. 55,50,000/-. Addition deleted as source satisfactorily explained. Revenue's appeal dismissed. en-us Fri, 18 Aug 2023 00:00:00 +0530 Sat, 27 Apr 2024 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313670 ITAT Delhi upheld CIT-A's decision deleting addition u/s 68 regarding cash deposits during demonetization period. Revenue argued assessee failed to explain source of deposited cash and maintained cash books were self-serving afterthoughts. Tribunal found assessee adequately demonstrated source through site cash books and main cash book showing opening balance of Rs. 1,24,68,418/- and substantial cash withdrawals of Rs. 2,63,10,000/- during relevant period, significantly higher than previous year's Rs. 55,50,000/-. Addition deleted as source satisfactorily explained. Revenue's appeal dismissed. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313670