https://www.taxtmi.com/highlights?id=87677 ITAT ruled on multiple taxation issues involving unexplained cash deposits during demonetization. The tribunal sustained addition u/s 69A regarding cash deposits, finding the assessee's explanations unconvincing. Bad debt claims were partially allowed under section 36(1)(vii). The tribunal rejected the assessee's books of accounts and applied a minimal gross profit percentage of 0.1%. Notional commission additions were deleted. Regarding section 115BBE, the tribunal followed precedent limiting 60% tax rate to transactions from 01.04.2017 onwards, thereby restricting tax to 30% for earlier periods. Overall, the decision partially favored the assessee while upholding significant tax adjustments related to unexplained cash deposits during demonetization. en-us Wed, 23 Apr 2025 09:09:34 +0530 Wed, 23 Apr 2025 09:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87677 ITAT ruled on multiple taxation issues involving unexplained cash deposits during demonetization. The tribunal sustained addition u/s 69A regarding cash deposits, finding the assessee's explanations unconvincing. Bad debt claims were partially allowed under section 36(1)(vii). The tribunal rejected the assessee's books of accounts and applied a minimal gross profit percentage of 0.1%. Notional commission additions were deleted. Regarding section 115BBE, the tribunal followed precedent limiting 60% tax rate to transactions from 01.04.2017 onwards, thereby restricting tax to 30% for earlier periods. Overall, the decision partially favored the assessee while upholding significant tax adjustments related to unexplained cash deposits during demonetization. Highlights Income Tax Wed, 23 Apr 2025 09:09:34 +0530 https://www.taxtmi.com/highlights?id=87677