https://www.taxtmi.com/caselaws?id=772174 The ITAT Delhi ruled in favor of the assessee regarding cash deposits made during the demonetization period. The tax authorities had treated these deposits as unexplained cash credits under section 68 and sought to tax them under section 115BBE. The tribunal found that the assessee operated legitimately in the loan business, with deposits representing loan repayments from customers in the unorganized sector who lacked proper banking facilities. The assessee provided adequate documentation including loan account details and bank statements showing historical cash deposit patterns. The tribunal concluded that no suspicious activity was established and the loans were not fictitious, allowing the assessee's appeal and deleting the addition. en-us Wed, 26 Mar 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772174 The ITAT Delhi ruled in favor of the assessee regarding cash deposits made during the demonetization period. The tax authorities had treated these deposits as unexplained cash credits under section 68 and sought to tax them under section 115BBE. The tribunal found that the assessee operated legitimately in the loan business, with deposits representing loan repayments from customers in the unorganized sector who lacked proper banking facilities. The assessee provided adequate documentation including loan account details and bank statements showing historical cash deposit patterns. The tribunal concluded that no suspicious activity was established and the loans were not fictitious, allowing the assessee's appeal and deleting the addition. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772174