https://www.taxtmi.com/highlights?id=87931 ITAT adjudicated a tax dispute regarding cash deposits during demonetization. The tribunal examined whether cash deposited in bank accounts during the specified period could be subject to additional taxation under Section 69A/115BBE. The assessee demonstrated that the cash deposits were comprehensively recorded in official books of account with a fully explained source. Applying established legal principles, the tribunal ruled that entries systematically documented in accounting records cannot be unilaterally taxed under the referenced statutory provisions. Consequently, the tribunal rendered a decisional outcome favoring the assessee, effectively negating the proposed tax addition and upholding the principle of transparent financial documentation. en-us Thu, 01 May 2025 08:46:53 +0530 Thu, 01 May 2025 08:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87931 ITAT adjudicated a tax dispute regarding cash deposits during demonetization. The tribunal examined whether cash deposited in bank accounts during the specified period could be subject to additional taxation under Section 69A/115BBE. The assessee demonstrated that the cash deposits were comprehensively recorded in official books of account with a fully explained source. Applying established legal principles, the tribunal ruled that entries systematically documented in accounting records cannot be unilaterally taxed under the referenced statutory provisions. Consequently, the tribunal rendered a decisional outcome favoring the assessee, effectively negating the proposed tax addition and upholding the principle of transparent financial documentation. Highlights Income Tax Thu, 01 May 2025 08:46:53 +0530 https://www.taxtmi.com/highlights?id=87931