https://www.taxtmi.com/caselaws?id=461035 The ITAT Chennai ruled in favor of the assessee regarding cash deposits made during the demonetization period. The AO had treated these deposits as unexplained cash credit under Section 68, but the CIT(A) deleted the addition. The ITAT held that the assessee successfully established the identity of customers and genuineness of transactions, with sales to individual customers not exceeding Rs. 2 lakhs. The tribunal found no abnormal deviation in cash sales during demonetization compared to previous years. Since the assessee explained the source of cash deposits through legitimate cash sales recorded in books, the deposits could not be treated as unexplained credit under Section 68. en-us Fri, 05 Apr 2024 00:00:00 +0530 Fri, 07 Mar 2025 19:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461035 The ITAT Chennai ruled in favor of the assessee regarding cash deposits made during the demonetization period. The AO had treated these deposits as unexplained cash credit under Section 68, but the CIT(A) deleted the addition. The ITAT held that the assessee successfully established the identity of customers and genuineness of transactions, with sales to individual customers not exceeding Rs. 2 lakhs. The tribunal found no abnormal deviation in cash sales during demonetization compared to previous years. Since the assessee explained the source of cash deposits through legitimate cash sales recorded in books, the deposits could not be treated as unexplained credit under Section 68. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461035