https://www.taxtmi.com/caselaws?id=762566 The High Court dismissed the appeal under Section 260A of the Income Tax Act, upholding the Income Tax Appellate Tribunal's decision. The Tribunal had ruled that the cash deposits assessed under Section 69A were not unexplained, as they were transferred to a foreign company's account in compliance with an Agreement. During the demonetization period, the Tribunal found no basis for treating the deposits as tainted, as they were part of regular transactions. The High Court found no substantial question of law, agreeing with the Tribunal that the deposits fulfilled contractual obligations, leading to the dismissal of the appeal. en-us Wed, 27 Nov 2024 00:00:00 +0530 Tue, 03 Dec 2024 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762566 The High Court dismissed the appeal under Section 260A of the Income Tax Act, upholding the Income Tax Appellate Tribunal's decision. The Tribunal had ruled that the cash deposits assessed under Section 69A were not unexplained, as they were transferred to a foreign company's account in compliance with an Agreement. During the demonetization period, the Tribunal found no basis for treating the deposits as tainted, as they were part of regular transactions. The High Court found no substantial question of law, agreeing with the Tribunal that the deposits fulfilled contractual obligations, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762566