https://www.taxtmi.com/caselaws?id=769849 The ITAT Surat partially allowed the appeal regarding unexplained cash deposits during demonetization. The tribunal found the appellant failed to provide credible evidence supporting claimed opening cash balances for AY 2015-16 and 2016-17. Applying the principle of human probability, considering personal expenses would deplete cash holdings, the tribunal allowed 50% of the cash balance reflected in the pre-demonetization return filed on 24.05.2016. The AO was directed to delete Rs. 12,56,564/- from the addition. Additionally, the tribunal ruled that Section 115BBE's enhanced tax rate of 60% could not apply as it was enacted on 15.12.2016, directing normal tax rates instead. en-us Wed, 30 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769849 The ITAT Surat partially allowed the appeal regarding unexplained cash deposits during demonetization. The tribunal found the appellant failed to provide credible evidence supporting claimed opening cash balances for AY 2015-16 and 2016-17. Applying the principle of human probability, considering personal expenses would deplete cash holdings, the tribunal allowed 50% of the cash balance reflected in the pre-demonetization return filed on 24.05.2016. The AO was directed to delete Rs. 12,56,564/- from the addition. Additionally, the tribunal ruled that Section 115BBE's enhanced tax rate of 60% could not apply as it was enacted on 15.12.2016, directing normal tax rates instead. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769849