https://www.taxtmi.com/caselaws?id=456600 ITAT Surat allowed the appeal partly regarding unexplained cash deposits under Section 68. The assessee deposited high denomination notes claiming these were business sale proceeds. The AO treated entire deposits as unaccounted income taxable at 77.25% under Section 115BBE. ITAT held that assessee discharged initial burden by providing business details and evidence. Since AO failed to investigate or provide adverse material, and assessee's business activities were undisputed, only 10% of cash deposits were treated as unexplained income to prevent revenue leakage. The enhanced tax rate under Section 115BBE was deleted as substantial addition was removed. en-us Mon, 01 Apr 2024 00:00:00 +0530 Fri, 02 Aug 2024 21:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456600 ITAT Surat allowed the appeal partly regarding unexplained cash deposits under Section 68. The assessee deposited high denomination notes claiming these were business sale proceeds. The AO treated entire deposits as unaccounted income taxable at 77.25% under Section 115BBE. ITAT held that assessee discharged initial burden by providing business details and evidence. Since AO failed to investigate or provide adverse material, and assessee's business activities were undisputed, only 10% of cash deposits were treated as unexplained income to prevent revenue leakage. The enhanced tax rate under Section 115BBE was deleted as substantial addition was removed. Case-Laws Income Tax Mon, 01 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456600