https://www.taxtmi.com/caselaws?id=756470 ITAT Delhi ruled in favor of assessee regarding unexplained cash deposits during demonetization. Court held that assessee successfully demonstrated direct nexus between cash deposits and prior cash sales through tangible evidence including VAT returns, corresponding purchases, stock reduction, and profit declarations. Revenue's findings were based on suspicion and conjecture rather than proof. AO improperly rejected genuine cash sales and attempted double taxation by assessing same transaction under different provisions. Addition under section 68 was unsustainable as books of accounts remained unrejected and source of deposits was adequately explained. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756470 ITAT Delhi ruled in favor of assessee regarding unexplained cash deposits during demonetization. Court held that assessee successfully demonstrated direct nexus between cash deposits and prior cash sales through tangible evidence including VAT returns, corresponding purchases, stock reduction, and profit declarations. Revenue's findings were based on suspicion and conjecture rather than proof. AO improperly rejected genuine cash sales and attempted double taxation by assessing same transaction under different provisions. Addition under section 68 was unsustainable as books of accounts remained unrejected and source of deposits was adequately explained. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756470