https://www.taxtmi.com/caselaws?id=762460 ITAT Surat allowed the appeal partly. For unexplained cash credits during demonetization, the tribunal held that entire cash deposits cannot be treated as unexplained credits for a textile businessman with turnover exceeding Rs. 1 crore. Only 20% of total cash deposits were sustained as addition, taxable at normal rates rather than under Section 115BBE. Addition of sundry creditors was deleted as authorities failed to verify supporting evidence including account confirmations and purchase bills. However, 10% ad hoc disallowance of expenses was upheld as the assessee failed to establish income was offered under Section 44AD despite claims. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762460 ITAT Surat allowed the appeal partly. For unexplained cash credits during demonetization, the tribunal held that entire cash deposits cannot be treated as unexplained credits for a textile businessman with turnover exceeding Rs. 1 crore. Only 20% of total cash deposits were sustained as addition, taxable at normal rates rather than under Section 115BBE. Addition of sundry creditors was deleted as authorities failed to verify supporting evidence including account confirmations and purchase bills. However, 10% ad hoc disallowance of expenses was upheld as the assessee failed to establish income was offered under Section 44AD despite claims. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762460