https://www.taxtmi.com/caselaws?id=774116 Whether cash deposits during the demonetisation period could be treated as unexplained income under s.68 and taxed under s.115BBE turned on whether the deposits were unsupported and represented unaccounted money. The Tribunal held that the AO had accepted the assessee's recorded sales and purchases as genuine, and the allegation of artificial cash sales was unsupported by any evidence. The assessee's explanation was corroborated by contemporaneous books and documentary records, and the cash deposits were already reflected as sales in the P&L and offered to tax. Consequently, the addition under s.68 and the consequential application of s.115BBE were deleted and the appeal was allowed. en-us Tue, 01 Jul 2025 00:00:00 +0530 Mon, 05 Jan 2026 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774116 Whether cash deposits during the demonetisation period could be treated as unexplained income under s.68 and taxed under s.115BBE turned on whether the deposits were unsupported and represented unaccounted money. The Tribunal held that the AO had accepted the assessee's recorded sales and purchases as genuine, and the allegation of artificial cash sales was unsupported by any evidence. The assessee's explanation was corroborated by contemporaneous books and documentary records, and the cash deposits were already reflected as sales in the P&L and offered to tax. Consequently, the addition under s.68 and the consequential application of s.115BBE were deleted and the appeal was allowed. Case-Laws Income Tax Tue, 01 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774116