https://www.taxtmi.com/caselaws?id=771942 The ITAT Delhi allowed the assessee's appeal regarding additions under section 68 for unexplained cash deposits during demonetization. The assessee successfully demonstrated that cash deposits were traceable to prior withdrawals from bank accounts, supported by proper cash book records showing opening balance of Rs. 24,40,000 as on 08.11.2016. The tribunal found sufficient evidence of cash withdrawals and re-deposits, concluding that deposits traceable to recent withdrawals cannot be rejected under established legal principles. en-us Fri, 23 May 2025 00:00:00 +0530 Thu, 26 Jun 2025 10:06:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771942 The ITAT Delhi allowed the assessee's appeal regarding additions under section 68 for unexplained cash deposits during demonetization. The assessee successfully demonstrated that cash deposits were traceable to prior withdrawals from bank accounts, supported by proper cash book records showing opening balance of Rs. 24,40,000 as on 08.11.2016. The tribunal found sufficient evidence of cash withdrawals and re-deposits, concluding that deposits traceable to recent withdrawals cannot be rejected under established legal principles. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771942