https://www.taxtmi.com/caselaws?id=773584 ITAT Ahmedabad allowed the assessee's appeal against addition u/s 68 for cash deposits during demonetization. The assessee, engaged in quarrying business, adequately explained cash deposits through books of account and cash flow records showing regular monthly withdrawals and deposits. The tribunal found the assessee's explanation reasonable for maintaining large cash balances due to remote business operations requiring emergency funds. Revenue failed to identify any defects in books or explanations provided. The tribunal rejected Revenue's presumptions about suspicious deposits, noting assessee's consistent cash handling pattern. Addition deleted as assessee discharged burden of proof regarding cash sources. en-us Mon, 16 Jun 2025 00:00:00 +0530 Wed, 25 Jun 2025 09:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773584 ITAT Ahmedabad allowed the assessee's appeal against addition u/s 68 for cash deposits during demonetization. The assessee, engaged in quarrying business, adequately explained cash deposits through books of account and cash flow records showing regular monthly withdrawals and deposits. The tribunal found the assessee's explanation reasonable for maintaining large cash balances due to remote business operations requiring emergency funds. Revenue failed to identify any defects in books or explanations provided. The tribunal rejected Revenue's presumptions about suspicious deposits, noting assessee's consistent cash handling pattern. Addition deleted as assessee discharged burden of proof regarding cash sources. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773584