https://www.taxtmi.com/caselaws?id=769525 The ITAT dismissed the assessee's challenge to the AO's jurisdiction in conducting limited scrutiny under CASS, finding the AO acted within the prescribed mandate for agricultural income and cash deposits during demonetization. The tribunal upheld the addition of unexplained cash credits as the assessee failed to provide corroborative evidence including confirmations, bank statements, or proper documentation to substantiate claimed cash withdrawals by a third party. However, the ITAT granted partial relief by directing taxation at normal rates instead of the higher rate under Section 115BBE, ruling the amended provision cannot be applied retrospectively to the assessment year in question. en-us Wed, 23 Apr 2025 00:00:00 +0530 Sat, 26 Apr 2025 08:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769525 The ITAT dismissed the assessee's challenge to the AO's jurisdiction in conducting limited scrutiny under CASS, finding the AO acted within the prescribed mandate for agricultural income and cash deposits during demonetization. The tribunal upheld the addition of unexplained cash credits as the assessee failed to provide corroborative evidence including confirmations, bank statements, or proper documentation to substantiate claimed cash withdrawals by a third party. However, the ITAT granted partial relief by directing taxation at normal rates instead of the higher rate under Section 115BBE, ruling the amended provision cannot be applied retrospectively to the assessment year in question. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769525