https://www.taxtmi.com/caselaws?id=762204 The ITAT Delhi dismissed the Revenue's challenge regarding unexplained cash deposits during demonetization. The assessee successfully demonstrated that cash deposits were from regular sales, providing month-wise charts and comparative data. The AO's rejection was improper as SBN prohibition was effective from 31.12.2016, not 08.11.2016, per Ordinance No.10/2016. Regarding salary expenditure, payment to the Director's brother was allowed as he was a regular employee with disclosed income. However, salaries to the Director's sister-in-law and wife were disallowed due to lack of evidence proving their employment or service rendering. Revenue's grounds were partly allowed. en-us Wed, 16 Oct 2024 00:00:00 +0530 Wed, 27 Nov 2024 08:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762204 The ITAT Delhi dismissed the Revenue's challenge regarding unexplained cash deposits during demonetization. The assessee successfully demonstrated that cash deposits were from regular sales, providing month-wise charts and comparative data. The AO's rejection was improper as SBN prohibition was effective from 31.12.2016, not 08.11.2016, per Ordinance No.10/2016. Regarding salary expenditure, payment to the Director's brother was allowed as he was a regular employee with disclosed income. However, salaries to the Director's sister-in-law and wife were disallowed due to lack of evidence proving their employment or service rendering. Revenue's grounds were partly allowed. Case-Laws Income Tax Wed, 16 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762204