https://www.taxtmi.com/caselaws?id=313692 Cash deposits during the demonetisation period were found satisfactorily explained through opening cash balance, bank withdrawals and supporting books, so the addition under section 68 was not warranted. The assessee had produced cash books, bank statements and comparative records showing substantial cash balances carried forward from the earlier year and a consistent pattern of withdrawals and deposits in the ordinary course of business. The impounded site cash figures were not assessed in isolation because the main cash book, supporting books and returns filed before demonetisation established availability of cash. On that documentary trail and business-probability test, the Revenue's objection failed and the unexplained cash deposit addition was deleted. en-us Fri, 18 Aug 2023 00:00:00 +0530 Mon, 29 Apr 2024 18:10:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313692 Cash deposits during the demonetisation period were found satisfactorily explained through opening cash balance, bank withdrawals and supporting books, so the addition under section 68 was not warranted. The assessee had produced cash books, bank statements and comparative records showing substantial cash balances carried forward from the earlier year and a consistent pattern of withdrawals and deposits in the ordinary course of business. The impounded site cash figures were not assessed in isolation because the main cash book, supporting books and returns filed before demonetisation established availability of cash. On that documentary trail and business-probability test, the Revenue's objection failed and the unexplained cash deposit addition was deleted. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313692