https://www.taxtmi.com/caselaws?id=753020 The ITAT Delhi ruled in favor of the assessee regarding unexplained cash deposits during demonetization period. The AO made addition u/s 68 r.w.s. 115BBE based on assumption that higher cash sales turnover compared to previous year indicated undisclosed deposits. The tribunal found that without any adverse findings on genuineness of purchases, sales, or stock, and without rejection of books of accounts, the AO's assumption was unjustified. The addition was deleted as the assessee adequately explained deposits from sale proceeds and past savings. en-us Thu, 04 Jan 2024 00:00:00 +0530 Wed, 22 May 2024 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753020 The ITAT Delhi ruled in favor of the assessee regarding unexplained cash deposits during demonetization period. The AO made addition u/s 68 r.w.s. 115BBE based on assumption that higher cash sales turnover compared to previous year indicated undisclosed deposits. The tribunal found that without any adverse findings on genuineness of purchases, sales, or stock, and without rejection of books of accounts, the AO's assumption was unjustified. The addition was deleted as the assessee adequately explained deposits from sale proceeds and past savings. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753020