https://www.taxtmi.com/caselaws?id=763404 ITAT Chennai deleted additions made by AO under section 68 for unexplained money during demonization period, finding cash deposits were properly sourced from recorded sundry debtors with regular dealings. The tribunal also deleted addition of insurance claim write-off, ruling it was legitimate business deduction when claim was rejected by insurer. Additionally, ITAT removed 20% estimated addition on sundry creditors, holding AO's action was without basis as creditors were genuine with regular dealings through banking channels and no evidence of non-genuineness was established. en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 08:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763404 ITAT Chennai deleted additions made by AO under section 68 for unexplained money during demonization period, finding cash deposits were properly sourced from recorded sundry debtors with regular dealings. The tribunal also deleted addition of insurance claim write-off, ruling it was legitimate business deduction when claim was rejected by insurer. Additionally, ITAT removed 20% estimated addition on sundry creditors, holding AO's action was without basis as creditors were genuine with regular dealings through banking channels and no evidence of non-genuineness was established. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763404