https://www.taxtmi.com/caselaws?id=765054 The ITAT Raipur upheld the jurisdictional validity of ITO-4(1), Raipur's assessment order, confirming that proper transfer orders under section 127 existed from ITO-3(1) to ITO-4(1). The tribunal dismissed the assessee's additional grounds of appeal. Regarding unexplained cash deposits of Rs. 11 lakhs during demonetization, the ITAT found the assessee failed to provide satisfactory explanation for the source. Applying CBDT Instruction No.3/2017, the tribunal restricted available cash to Rs. 3.5 lakhs and partially sustained the addition under section 68, reducing the unexplained cash credit amount accordingly. en-us Tue, 21 Jan 2025 00:00:00 +0530 Fri, 24 Jan 2025 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765054 The ITAT Raipur upheld the jurisdictional validity of ITO-4(1), Raipur's assessment order, confirming that proper transfer orders under section 127 existed from ITO-3(1) to ITO-4(1). The tribunal dismissed the assessee's additional grounds of appeal. Regarding unexplained cash deposits of Rs. 11 lakhs during demonetization, the ITAT found the assessee failed to provide satisfactory explanation for the source. Applying CBDT Instruction No.3/2017, the tribunal restricted available cash to Rs. 3.5 lakhs and partially sustained the addition under section 68, reducing the unexplained cash credit amount accordingly. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765054