https://www.taxtmi.com/caselaws?id=751979 The ITAT allowed the assessee's appeal, setting aside the assessment order and the CIT(A)'s decision. The AO's disallowance under section 69A read with section 115BBE of the Act was deemed unsustainable, as the explanation for cash deposits during demonetization was not rejected legally. The decision reinforced the necessity of a reasonable explanation for cash transactions, drawing on relevant legal precedents. en-us Mon, 29 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751979 The ITAT allowed the assessee's appeal, setting aside the assessment order and the CIT(A)'s decision. The AO's disallowance under section 69A read with section 115BBE of the Act was deemed unsustainable, as the explanation for cash deposits during demonetization was not rejected legally. The decision reinforced the necessity of a reasonable explanation for cash transactions, drawing on relevant legal precedents. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751979