https://www.taxtmi.com/caselaws?id=765103 The tribunal remanded the case back to the Assessing Officer (AO) for further examination, directing the AO to reassess the evidence provided by the assessee regarding the source of cash deposits during the demonetisation period. The tribunal emphasized that if the assessee can prove the deposits were legitimate business receipts already recorded in the books of accounts, no additional tax should be imposed under Section 68 of the Income-tax Act. The appeal was allowed for statistical purposes, highlighting the need for the assessee to substantiate claims with proper documentation. en-us Thu, 19 Dec 2024 00:00:00 +0530 Fri, 24 Jan 2025 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765103 The tribunal remanded the case back to the Assessing Officer (AO) for further examination, directing the AO to reassess the evidence provided by the assessee regarding the source of cash deposits during the demonetisation period. The tribunal emphasized that if the assessee can prove the deposits were legitimate business receipts already recorded in the books of accounts, no additional tax should be imposed under Section 68 of the Income-tax Act. The appeal was allowed for statistical purposes, highlighting the need for the assessee to substantiate claims with proper documentation. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765103