https://www.taxtmi.com/caselaws?id=768757 The ITAT Surat held that complete addition of cash deposits during demonetization under Section 68 was unjustified given the extraordinary circumstances. Where business transactions were conducted in cash and books weren't rejected, only the profit element should be taxed rather than entire cash deposits. Following precedent in Amrita Gems Pvt. Ltd., the tribunal directed taxation of 10% of cash deposits as estimated profit to prevent revenue leakage. Section 115BBE was deemed inapplicable as the addition was treated as business profit, and the provision doesn't apply to AY 2017-18. en-us Thu, 06 Mar 2025 00:00:00 +0530 Sat, 12 Apr 2025 14:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768757 The ITAT Surat held that complete addition of cash deposits during demonetization under Section 68 was unjustified given the extraordinary circumstances. Where business transactions were conducted in cash and books weren't rejected, only the profit element should be taxed rather than entire cash deposits. Following precedent in Amrita Gems Pvt. Ltd., the tribunal directed taxation of 10% of cash deposits as estimated profit to prevent revenue leakage. Section 115BBE was deemed inapplicable as the addition was treated as business profit, and the provision doesn't apply to AY 2017-18. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768757