https://www.taxtmi.com/caselaws?id=753714 ITAT Mumbai ruled in favor of the assessee regarding cash deposits made during demonetization period. The assessee explained that cash credited in books and deposited in bank account comprised sale proceeds from gold and precious jewelry business. Despite AO's concerns about missing narrations and daily cash balances in cashbook, ITAT found the source adequately explained as business revenue receipts. No adverse material was discovered during survey under section 133A. The addition under section 68 for unexplained cash credit was deleted and appeal allowed. en-us Tue, 16 Jan 2024 00:00:00 +0530 Sat, 08 Jun 2024 09:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753714 ITAT Mumbai ruled in favor of the assessee regarding cash deposits made during demonetization period. The assessee explained that cash credited in books and deposited in bank account comprised sale proceeds from gold and precious jewelry business. Despite AO's concerns about missing narrations and daily cash balances in cashbook, ITAT found the source adequately explained as business revenue receipts. No adverse material was discovered during survey under section 133A. The addition under section 68 for unexplained cash credit was deleted and appeal allowed. Case-Laws Income Tax Tue, 16 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753714