https://www.taxtmi.com/caselaws?id=456933 ITAT Chennai held that a milk dealer who deposited SBN notes during demonetization period could not be fully doubted for accepting such notes given the perishable nature of milk products. However, since neither the assessee nor AO provided adequate evidence regarding the cash deposits, the tribunal adopted an estimation approach. The court directed the AO to estimate 25% profit on cash deposits made during demonetization and delete the remaining 75% addition under section 68. The decision was partly in favor of revenue. en-us Wed, 02 Aug 2023 00:00:00 +0530 Tue, 27 Aug 2024 14:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456933 ITAT Chennai held that a milk dealer who deposited SBN notes during demonetization period could not be fully doubted for accepting such notes given the perishable nature of milk products. However, since neither the assessee nor AO provided adequate evidence regarding the cash deposits, the tribunal adopted an estimation approach. The court directed the AO to estimate 25% profit on cash deposits made during demonetization and delete the remaining 75% addition under section 68. The decision was partly in favor of revenue. Case-Laws Income Tax Wed, 02 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456933