https://www.taxtmi.com/caselaws?id=760254 ITAT Delhi allowed the appeal, deleting the addition made under section 68 regarding cash deposits during demonetization. The tribunal held that when the AO accepted the audited books of accounts and cash sales without questioning them, he could not make adverse inferences without contrary material evidence. The AO's conclusion that 60% of cash deposits constituted unaccounted income was based on suspicions and conjectures rather than cogent evidence. The addition was deemed legally impermissible as the AO failed to establish any nexus between cash deposits and undisclosed income. en-us Tue, 27 Aug 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760254 ITAT Delhi allowed the appeal, deleting the addition made under section 68 regarding cash deposits during demonetization. The tribunal held that when the AO accepted the audited books of accounts and cash sales without questioning them, he could not make adverse inferences without contrary material evidence. The AO's conclusion that 60% of cash deposits constituted unaccounted income was based on suspicions and conjectures rather than cogent evidence. The addition was deemed legally impermissible as the AO failed to establish any nexus between cash deposits and undisclosed income. Case-Laws Income Tax Tue, 27 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760254