https://www.taxtmi.com/caselaws?id=775726 The ITAT Delhi upheld the assessee's explanation for cash deposits made during the demonetization period under section 68. The assessee, engaged in cash-dependent wholesale handloom sales to small traders, demonstrated legitimate sources for the cash through detailed records of sales, debtor information, and bank deposits totaling significant amounts across multiple banks. Given the nature of the business and the turnover, the tribunal found the cash deposits accounted for and supported by evidence. The matter was remitted to the AO solely to verify additional evidence submitted under Rule 29, confirming the genuineness of the cash sources. en-us Wed, 04 Jun 2025 00:00:00 +0530 Wed, 30 Jul 2025 08:21:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775726 The ITAT Delhi upheld the assessee's explanation for cash deposits made during the demonetization period under section 68. The assessee, engaged in cash-dependent wholesale handloom sales to small traders, demonstrated legitimate sources for the cash through detailed records of sales, debtor information, and bank deposits totaling significant amounts across multiple banks. Given the nature of the business and the turnover, the tribunal found the cash deposits accounted for and supported by evidence. The matter was remitted to the AO solely to verify additional evidence submitted under Rule 29, confirming the genuineness of the cash sources. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775726