https://www.taxtmi.com/caselaws?id=769839 The ITAT Chennai ruled in favor of the assessee on two key issues. First, regarding unexplained cash deposits during demonetization, the tribunal found that the coaching center's collection of specified bank notes from trainees was not prohibited under the Specified Bank Notes Act, 2017. The assessee had provided complete documentation including books of accounts, cash books, and student lists explaining the source of deposits. Second, concerning additions to fixed assets, the tribunal held that the assessee had adequately substantiated the sources of funds through loans and disclosed income from earlier years, supported by registered sale deeds. The CIT(A)'s order was set aside, directing deletion of both additions. en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769839 The ITAT Chennai ruled in favor of the assessee on two key issues. First, regarding unexplained cash deposits during demonetization, the tribunal found that the coaching center's collection of specified bank notes from trainees was not prohibited under the Specified Bank Notes Act, 2017. The assessee had provided complete documentation including books of accounts, cash books, and student lists explaining the source of deposits. Second, concerning additions to fixed assets, the tribunal held that the assessee had adequately substantiated the sources of funds through loans and disclosed income from earlier years, supported by registered sale deeds. The CIT(A)'s order was set aside, directing deletion of both additions. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769839