https://www.taxtmi.com/caselaws?id=456791 The ITAT Bangalore held that cash deposits during demonetization period require proper verification under relevant circulars before treating as unexplained investment under Section 69. The appellant, having agricultural lands and produce sales, must substantiate claims through detailed evidence including monthly sales summaries, stock registers, and bank statements. The AO must conduct comparative analysis of cash deposits versus sales, verify for fictitious transactions, and check for abnormal jumps during November-December 2016. While not every demonetization deposit constitutes unaccounted cash, burden lies on assessee to prove genuineness. The appeal was partly allowed for statistical purposes with directions for proper verification. en-us Thu, 22 Jun 2023 00:00:00 +0530 Wed, 14 Aug 2024 21:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456791 The ITAT Bangalore held that cash deposits during demonetization period require proper verification under relevant circulars before treating as unexplained investment under Section 69. The appellant, having agricultural lands and produce sales, must substantiate claims through detailed evidence including monthly sales summaries, stock registers, and bank statements. The AO must conduct comparative analysis of cash deposits versus sales, verify for fictitious transactions, and check for abnormal jumps during November-December 2016. While not every demonetization deposit constitutes unaccounted cash, burden lies on assessee to prove genuineness. The appeal was partly allowed for statistical purposes with directions for proper verification. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456791