https://www.taxtmi.com/caselaws?id=769754 ITAT Surat held that assessee successfully explained source of cash deposits during demonetization period through maintained books of accounts showing sufficient cash in hand from earlier bank withdrawals. AO's addition under section 68 was deleted as source was adequately explained and no defects were found in books. However, regarding interest expenditure disallowance, tribunal held 25% should be disallowed as not wholly for business purposes, directing addition of Rs. 4,81,558. Appeal partly allowed against revenue. en-us Tue, 29 Apr 2025 00:00:00 +0530 Thu, 01 May 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769754 ITAT Surat held that assessee successfully explained source of cash deposits during demonetization period through maintained books of accounts showing sufficient cash in hand from earlier bank withdrawals. AO's addition under section 68 was deleted as source was adequately explained and no defects were found in books. However, regarding interest expenditure disallowance, tribunal held 25% should be disallowed as not wholly for business purposes, directing addition of Rs. 4,81,558. Appeal partly allowed against revenue. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769754