https://www.taxtmi.com/caselaws?id=456836 ITAT Surat allowed the appeal regarding cash deposits during demonetization period. The assessing officer made addition under section 69A read with section 115BBE. CIT(A) sustained the addition without examining business activities or calling remand report despite assessee submitting agreement, bank account details, and AS-26 documentation. Bank statements showed cash deposits were immediately transferred to business associates through RTGS/NEFT, indicating legitimate business activities. The deposits were not abnormal compared to earlier periods. ITAT held the addition unjustified as CIT(A) failed to investigate facts independently. en-us Wed, 31 May 2023 00:00:00 +0530 Tue, 20 Aug 2024 23:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456836 ITAT Surat allowed the appeal regarding cash deposits during demonetization period. The assessing officer made addition under section 69A read with section 115BBE. CIT(A) sustained the addition without examining business activities or calling remand report despite assessee submitting agreement, bank account details, and AS-26 documentation. Bank statements showed cash deposits were immediately transferred to business associates through RTGS/NEFT, indicating legitimate business activities. The deposits were not abnormal compared to earlier periods. ITAT held the addition unjustified as CIT(A) failed to investigate facts independently. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456836