https://www.taxtmi.com/caselaws?id=769845 ITAT Hyderabad allowed the assessee's appeal regarding unexplained cash deposits during demonetization, finding no evidence to disprove that deposits were sourced from pre-demonetization cash balances. The tribunal vacated CIT(A)'s adverse inference based on misconceived facts about cash withdrawals in Tamil Nadu. Matters regarding employee costs, business promotion expenses, and traveling expenses were restored to AO for re-adjudication with proper consideration of supporting documents. The tribunal also vacated ad hoc 10% disallowances on sundry creditors, directing AO to consider creditor confirmations filed during appellate proceedings. en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769845 ITAT Hyderabad allowed the assessee's appeal regarding unexplained cash deposits during demonetization, finding no evidence to disprove that deposits were sourced from pre-demonetization cash balances. The tribunal vacated CIT(A)'s adverse inference based on misconceived facts about cash withdrawals in Tamil Nadu. Matters regarding employee costs, business promotion expenses, and traveling expenses were restored to AO for re-adjudication with proper consideration of supporting documents. The tribunal also vacated ad hoc 10% disallowances on sundry creditors, directing AO to consider creditor confirmations filed during appellate proceedings. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769845