https://www.taxtmi.com/caselaws?id=313673 The ITAT Delhi dismissed the Revenue's appeal challenging deletion of addition u/s 68 for unexplained cash deposits during demonetization. The assessee company had deposited cash in bank accounts post-demonetization. CIT(A) deleted the addition after examining cash balance, ITR, and audit report filed before demonetization, finding no scope for manipulation. ITAT upheld CIT(A)'s conclusion that cash deposits were adequately explained by available cash balance as on 08.11.2016, built from undisputed bank withdrawals and opening balance matching the previous year's ITR filed prior to demonetization. en-us Wed, 03 Jan 2024 00:00:00 +0530 Sat, 27 Apr 2024 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313673 The ITAT Delhi dismissed the Revenue's appeal challenging deletion of addition u/s 68 for unexplained cash deposits during demonetization. The assessee company had deposited cash in bank accounts post-demonetization. CIT(A) deleted the addition after examining cash balance, ITR, and audit report filed before demonetization, finding no scope for manipulation. ITAT upheld CIT(A)'s conclusion that cash deposits were adequately explained by available cash balance as on 08.11.2016, built from undisputed bank withdrawals and opening balance matching the previous year's ITR filed prior to demonetization. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313673