https://www.taxtmi.com/caselaws?id=767261 The ITAT Delhi ruled in favor of the appellant company regarding unexplained cash deposits during demonetization. The tribunal found that the AO had accepted the company's audited books of accounts and trading results without pointing out deficiencies. Since the company had substantial cash sales recorded in day-to-day stock registers and VAT returns, and the AO accepted these sales, the cash deposits from such sales could not be treated as unexplained income under section 68. The tribunal held that making an addition would constitute double taxation of already offered income and deleted the addition under section 68 read with section 115BBE. en-us Thu, 27 Feb 2025 00:00:00 +0530 Thu, 13 Mar 2025 08:35:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767261 The ITAT Delhi ruled in favor of the appellant company regarding unexplained cash deposits during demonetization. The tribunal found that the AO had accepted the company's audited books of accounts and trading results without pointing out deficiencies. Since the company had substantial cash sales recorded in day-to-day stock registers and VAT returns, and the AO accepted these sales, the cash deposits from such sales could not be treated as unexplained income under section 68. The tribunal held that making an addition would constitute double taxation of already offered income and deleted the addition under section 68 read with section 115BBE. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767261