https://www.taxtmi.com/caselaws?id=756862 ITAT Kolkata held that addition under Section 68 for unexplained cash credit and tax under Section 115BBE was unsustainable. The tribunal found AO's analysis of cash deposits during demonetization period incorrect, noting gradual turnover increase from Rs. 2.64 crores (2014-15) to Rs. 4.61 crores (2016-17) showed no abnormality. AO failed to consider demonetization circumstances requiring bank routing of funds and compared incomparable periods. CIT(A)'s alternative calculation method was also flawed as it ignored purchase analysis and profit ratios. Addition deleted, appeal allowed in favor of assessee. en-us Tue, 18 Jun 2024 00:00:00 +0530 Sat, 10 Aug 2024 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756862 ITAT Kolkata held that addition under Section 68 for unexplained cash credit and tax under Section 115BBE was unsustainable. The tribunal found AO's analysis of cash deposits during demonetization period incorrect, noting gradual turnover increase from Rs. 2.64 crores (2014-15) to Rs. 4.61 crores (2016-17) showed no abnormality. AO failed to consider demonetization circumstances requiring bank routing of funds and compared incomparable periods. CIT(A)'s alternative calculation method was also flawed as it ignored purchase analysis and profit ratios. Addition deleted, appeal allowed in favor of assessee. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756862