https://www.taxtmi.com/caselaws?id=756760 The ITAT Delhi partially allowed the assessee's appeal regarding unexplained cash deposits under Section 69A read with Section 115BBE during demonetization. Despite the assessee operating under presumptive taxation scheme Section 44AD, the tribunal found the explanation for large cash deposits unconvincing and lacking confidence. However, acknowledging the difficulty in establishing conclusive proof of cash holdings and considering possibilities of past withdrawals and cash sales, the tribunal granted benefit of doubt. The CIT(A)'s order was modified to provide additional relief of Rs. 25,00,000 beyond the original relief granted. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756760 The ITAT Delhi partially allowed the assessee's appeal regarding unexplained cash deposits under Section 69A read with Section 115BBE during demonetization. Despite the assessee operating under presumptive taxation scheme Section 44AD, the tribunal found the explanation for large cash deposits unconvincing and lacking confidence. However, acknowledging the difficulty in establishing conclusive proof of cash holdings and considering possibilities of past withdrawals and cash sales, the tribunal granted benefit of doubt. The CIT(A)'s order was modified to provide additional relief of Rs. 25,00,000 beyond the original relief granted. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756760