https://www.taxtmi.com/caselaws?id=766693 ITAT Kolkata ruled in favor of the assessee regarding cash deposits made during demonetization period. Revenue authorities accepted the assessee's regular business operations and sales activities throughout the year. The tribunal found that cash deposits originated from legitimate business cash balances recorded in books of account, not unexplained sources. Addition under section 68 was deleted and invocation of section 115BBE was set aside, as the assessee successfully demonstrated genuine business activity and explained the source of deposited demonetized currency. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 03 Mar 2025 08:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766693 ITAT Kolkata ruled in favor of the assessee regarding cash deposits made during demonetization period. Revenue authorities accepted the assessee's regular business operations and sales activities throughout the year. The tribunal found that cash deposits originated from legitimate business cash balances recorded in books of account, not unexplained sources. Addition under section 68 was deleted and invocation of section 115BBE was set aside, as the assessee successfully demonstrated genuine business activity and explained the source of deposited demonetized currency. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766693