https://www.taxtmi.com/caselaws?id=754683 The ITAT Surat held that the assessee, a farmer, could only explain Rs. 6,06,061/- of claimed opening cash balance of Rs. 12,80,000/- after considering reasonable monthly expenses of Rs. 50,000/- instead of claimed Rs. 25,000/-. Addition of Rs. 6,73,939/- was sustained for unexplained cash deposits. However, section 115BBE provisions were held inapplicable as they came into force on 01.04.2017 while the assessment year preceded this date. The appeal was partly allowed in favor of the assessee. en-us Tue, 25 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754683 The ITAT Surat held that the assessee, a farmer, could only explain Rs. 6,06,061/- of claimed opening cash balance of Rs. 12,80,000/- after considering reasonable monthly expenses of Rs. 50,000/- instead of claimed Rs. 25,000/-. Addition of Rs. 6,73,939/- was sustained for unexplained cash deposits. However, section 115BBE provisions were held inapplicable as they came into force on 01.04.2017 while the assessment year preceded this date. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754683