https://www.taxtmi.com/caselaws?id=765893 The ITAT Chennai allowed the assessee's appeal against addition u/s 68 for SBN deposits during demonetization. The tribunal found no significant change in cash deposits during demonetization period compared to previous year. The assessee, a fireworks dealer, had sufficient stock before Diwali 2016 to generate sales of Rs. 53,34,899/- deposited during demonetization. CBDT circular requires AO to analyze business model, books of account, and sales pattern. Since stock registers showed no defects, purchases/sales matched stock inflow/outflow, goods were VAT-compliant, and books were found satisfactory, mere acceptance of SBN couldn't invalidate explained sources. Addition was deleted. en-us Wed, 05 Feb 2025 00:00:00 +0530 Wed, 12 Feb 2025 08:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765893 The ITAT Chennai allowed the assessee's appeal against addition u/s 68 for SBN deposits during demonetization. The tribunal found no significant change in cash deposits during demonetization period compared to previous year. The assessee, a fireworks dealer, had sufficient stock before Diwali 2016 to generate sales of Rs. 53,34,899/- deposited during demonetization. CBDT circular requires AO to analyze business model, books of account, and sales pattern. Since stock registers showed no defects, purchases/sales matched stock inflow/outflow, goods were VAT-compliant, and books were found satisfactory, mere acceptance of SBN couldn't invalidate explained sources. Addition was deleted. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765893