https://www.taxtmi.com/caselaws?id=459949 ITAT Chandigarh ruled in favor of the assessee regarding unexplained income under section 68 read with section 115BBE for cash deposits made post-demonetization. The AO had treated higher cash deposits in October-November as unexplained income compared to previous years. The tribunal held that the assessee adequately explained the source as cash sales, supported by complete documentation including cash books, VAT returns, audited accounts, and stock records. The AO failed to identify any defects in documentation or stock availability. Mere comparison with past years' figures without further examination proving manipulation cannot justify treating legitimate cash sales as bogus income. en-us Fri, 08 Dec 2023 00:00:00 +0530 Mon, 06 Jan 2025 15:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459949 ITAT Chandigarh ruled in favor of the assessee regarding unexplained income under section 68 read with section 115BBE for cash deposits made post-demonetization. The AO had treated higher cash deposits in October-November as unexplained income compared to previous years. The tribunal held that the assessee adequately explained the source as cash sales, supported by complete documentation including cash books, VAT returns, audited accounts, and stock records. The AO failed to identify any defects in documentation or stock availability. Mere comparison with past years' figures without further examination proving manipulation cannot justify treating legitimate cash sales as bogus income. Case-Laws Income Tax Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459949