https://www.taxtmi.com/caselaws?id=755556 The ITAT Raipur dismissed the assessee's appeal challenging the treatment of Rs. 65 lacs cash deposits as unexplained money under Section 69A. The tribunal held that since the case was selected for limited scrutiny specifically to verify cash deposits during demonetization, the AO had valid jurisdiction to examine this issue. Despite the assessee claiming the deposits were sourced from disclosed income, the tribunal found no satisfactory explanation was provided for the cash deposits made in November 2016. The tribunal applied Section 115BBE(1) provisions effective from A.Y. 2017-18, imposing 60% tax on the unexplained money. en-us Wed, 24 Jan 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755556 The ITAT Raipur dismissed the assessee's appeal challenging the treatment of Rs. 65 lacs cash deposits as unexplained money under Section 69A. The tribunal held that since the case was selected for limited scrutiny specifically to verify cash deposits during demonetization, the AO had valid jurisdiction to examine this issue. Despite the assessee claiming the deposits were sourced from disclosed income, the tribunal found no satisfactory explanation was provided for the cash deposits made in November 2016. The tribunal applied Section 115BBE(1) provisions effective from A.Y. 2017-18, imposing 60% tax on the unexplained money. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755556