https://www.taxtmi.com/caselaws?id=313693 The ITAT Delhi upheld CIT(A)'s decision to delete addition u/s 68 regarding unexplained cash deposits during demonetization. The AO had ignored the main cash book while making the addition, considering only site cash books for a real estate company. CIT(A) correctly found that cash withdrawals in pre-demonetization period exceeded deposits during demonetization, establishing adequate source. Following Delhi HC precedents in Kulwant Rai and Jaya Aggarwal, the Tribunal held that without positive material proving withdrawals were spent elsewhere, pre-demonetization withdrawals constitute valid source for subsequent deposits. The revenue's appeal was dismissed. 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=313693 The ITAT Delhi upheld CIT(A)'s decision to delete addition u/s 68 regarding unexplained cash deposits during demonetization. The AO had ignored the main cash book while making the addition, considering only site cash books for a real estate company. CIT(A) correctly found that cash withdrawals in pre-demonetization period exceeded deposits during demonetization, establishing adequate source. Following Delhi HC precedents in Kulwant Rai and Jaya Aggarwal, the Tribunal held that without positive material proving withdrawals were spent elsewhere, pre-demonetization withdrawals constitute valid source for subsequent deposits. The revenue's appeal was dismissed. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313693