https://www.taxtmi.com/caselaws?id=764097 The Tribunal allowed the appeal, concluding that the cash deposits made by the assessee during the demonetization period were explained business receipts, duly accounted for in the books and VAT returns, thereby negating the addition under Section 69A of the Income Tax Act. Consequently, the application of Section 115BBE was deemed inappropriate. The Tribunal also noted procedural lapses by the lower authorities in adhering to CBDT guidelines, supporting the assessee's contention of non-compliance. The impugned additions were directed to be deleted, and the income was to be re-computed by the assessing officer. en-us Wed, 06 Nov 2024 00:00:00 +0530 Thu, 02 Jan 2025 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764097 The Tribunal allowed the appeal, concluding that the cash deposits made by the assessee during the demonetization period were explained business receipts, duly accounted for in the books and VAT returns, thereby negating the addition under Section 69A of the Income Tax Act. Consequently, the application of Section 115BBE was deemed inappropriate. The Tribunal also noted procedural lapses by the lower authorities in adhering to CBDT guidelines, supporting the assessee's contention of non-compliance. The impugned additions were directed to be deleted, and the income was to be re-computed by the assessing officer. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764097