https://www.taxtmi.com/caselaws?id=456584 ITAT Surat partly allowed the appeal regarding addition under Section 68 for cash deposits during demonetization period. The assessee claimed cash deposits resulted from stock sales between September-November 2016, but the tribunal found this improbable. However, since purchases weren't disputed and books weren't rejected, the tribunal couldn't reject entire sales. Applying human probability test and considering undisputed purchases, the tribunal allowed reasonable disallowance of 10% on alleged cash sales to prevent revenue leakage, rather than treating entire amount as unexplained income. en-us Mon, 21 Aug 2023 00:00:00 +0530 Fri, 02 Aug 2024 08:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456584 ITAT Surat partly allowed the appeal regarding addition under Section 68 for cash deposits during demonetization period. The assessee claimed cash deposits resulted from stock sales between September-November 2016, but the tribunal found this improbable. However, since purchases weren't disputed and books weren't rejected, the tribunal couldn't reject entire sales. Applying human probability test and considering undisputed purchases, the tribunal allowed reasonable disallowance of 10% on alleged cash sales to prevent revenue leakage, rather than treating entire amount as unexplained income. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456584