https://www.taxtmi.com/caselaws?id=755503 ITAT Hyderabad ruled in favor of the assessee regarding cash deposits made during demonetization period. The tribunal held that section 69 additions cannot be made when the assessee has recorded cash receipts from sundry debtors in books of account and provided adequate evidence including sale invoices, e-way bills, and ledger copies. CIT(A) found similar deposit patterns existed before and after demonetization with no abnormal increase during the period. The tribunal concluded that human probability theory alone cannot justify additions when proper documentation exists explaining the source of deposits. en-us Thu, 11 Jul 2024 00:00:00 +0530 Sat, 13 Jul 2024 08:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755503 ITAT Hyderabad ruled in favor of the assessee regarding cash deposits made during demonetization period. The tribunal held that section 69 additions cannot be made when the assessee has recorded cash receipts from sundry debtors in books of account and provided adequate evidence including sale invoices, e-way bills, and ledger copies. CIT(A) found similar deposit patterns existed before and after demonetization with no abnormal increase during the period. The tribunal concluded that human probability theory alone cannot justify additions when proper documentation exists explaining the source of deposits. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755503