https://www.taxtmi.com/caselaws?id=770472 The ITAT Mumbai partly allowed the assessee's appeal regarding unexplained cash deposits during demonetization. The tribunal found that Rs. 11,07,000 was collected against goods supplied, not unauthorized receipt of demonetized currency notes. However, to prevent revenue leakage, the tribunal restricted the addition to Rs. 1,51,200 (10% of original addition). The tribunal also held that Section 115BBE's enhanced 60% tax rate is not retrospective, directing the AO to tax the remaining addition at normal rates, following precedents from ITAT Surat. en-us Wed, 30 Apr 2025 00:00:00 +0530 Mon, 12 May 2025 09:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770472 The ITAT Mumbai partly allowed the assessee's appeal regarding unexplained cash deposits during demonetization. The tribunal found that Rs. 11,07,000 was collected against goods supplied, not unauthorized receipt of demonetized currency notes. However, to prevent revenue leakage, the tribunal restricted the addition to Rs. 1,51,200 (10% of original addition). The tribunal also held that Section 115BBE's enhanced 60% tax rate is not retrospective, directing the AO to tax the remaining addition at normal rates, following precedents from ITAT Surat. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770472