https://www.taxtmi.com/caselaws?id=770817 ITAT Delhi allowed the assessee's appeal regarding unexplained money under section 69A. The assessee had deposited cash during demonetization period and obtained a new PAN, which lower authorities viewed suspiciously. ITAT found that the reconstituted firm continued business from 01.04.2016, maintained proper books, and had sufficient cash balance to deposit old/new currency notes during 08.11.2016 to 31.12.2016. Lower authorities failed to establish any other cash source and rejected explanation merely based on new PAN acquisition. ITAT also held section 115BBE amendments apply prospectively from 15.12.2016, following Smile Microfinance Ltd. precedent. en-us Wed, 14 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770817 ITAT Delhi allowed the assessee's appeal regarding unexplained money under section 69A. The assessee had deposited cash during demonetization period and obtained a new PAN, which lower authorities viewed suspiciously. ITAT found that the reconstituted firm continued business from 01.04.2016, maintained proper books, and had sufficient cash balance to deposit old/new currency notes during 08.11.2016 to 31.12.2016. Lower authorities failed to establish any other cash source and rejected explanation merely based on new PAN acquisition. ITAT also held section 115BBE amendments apply prospectively from 15.12.2016, following Smile Microfinance Ltd. precedent. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770817