https://www.taxtmi.com/caselaws?id=755425 ITAT Jaipur held that addition for deposits of demonetized currency notes was unjustified where assessee, a gynecologist, provided clear evidence that deposited cash originated from professional income. The tribunal found that books of account and patient registers adequately supported the source of funds, with income showing only slight increase from previous year without abnormal trends. Revenue failed to prove alternative income sources. The tribunal emphasized that mere suspicion cannot substitute legal proof, and demonetization compelled cash deposits into bank accounts. Addition made by AO and sustained by CIT(A) was deleted, ruling in favor of assessee. en-us Mon, 01 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755425 ITAT Jaipur held that addition for deposits of demonetized currency notes was unjustified where assessee, a gynecologist, provided clear evidence that deposited cash originated from professional income. The tribunal found that books of account and patient registers adequately supported the source of funds, with income showing only slight increase from previous year without abnormal trends. Revenue failed to prove alternative income sources. The tribunal emphasized that mere suspicion cannot substitute legal proof, and demonetization compelled cash deposits into bank accounts. Addition made by AO and sustained by CIT(A) was deleted, ruling in favor of assessee. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755425