https://www.taxtmi.com/caselaws?id=755656 The Tribunal partially allowed the appeal, remanding the case to the AO for reevaluation of unexplained cash deposits during the demonetization period. It emphasized the necessity for detailed verification of the assessee's claims and adherence to CBDT instructions. The Tribunal ruled against double taxation by noting that presumptive tax should not apply if section 68 is invoked, directing the AO to reassess the deposits and business income accordingly. The appeal was allowed for statistical purposes, ensuring proper examination of the evidence and compliance with legal standards. en-us Wed, 29 Nov 2023 00:00:00 +0530 Wed, 17 Jul 2024 08:05:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755656 The Tribunal partially allowed the appeal, remanding the case to the AO for reevaluation of unexplained cash deposits during the demonetization period. It emphasized the necessity for detailed verification of the assessee's claims and adherence to CBDT instructions. The Tribunal ruled against double taxation by noting that presumptive tax should not apply if section 68 is invoked, directing the AO to reassess the deposits and business income accordingly. The appeal was allowed for statistical purposes, ensuring proper examination of the evidence and compliance with legal standards. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755656