https://www.taxtmi.com/caselaws?id=762922 The ITAT Chennai allowed the assessee's appeal partly in a case involving additions under section 69A based on bank deposits during demonetization. The assessee claimed deposits in four bank accounts, including demonetized currency, were from business income. The ITAT accepted this explanation and reduced the AO's income estimation from 8% to 5% of Rs. 7,79,23,921 after considering subsequent years' business returns and absence of comparable cases. The tribunal directed deletion of separate addition of Rs. 1,01,26,500 as the total credits were already taxed as business income, avoiding double taxation. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762922 The ITAT Chennai allowed the assessee's appeal partly in a case involving additions under section 69A based on bank deposits during demonetization. The assessee claimed deposits in four bank accounts, including demonetized currency, were from business income. The ITAT accepted this explanation and reduced the AO's income estimation from 8% to 5% of Rs. 7,79,23,921 after considering subsequent years' business returns and absence of comparable cases. The tribunal directed deletion of separate addition of Rs. 1,01,26,500 as the total credits were already taxed as business income, avoiding double taxation. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762922