https://www.taxtmi.com/caselaws?id=776095 The ITAT Chandigarh allowed the appeal of the assessee regarding unexplained cash deposits during the demonetization period. The assessee satisfactorily explained that the deposits originated from a gold loan intended for starting a dairy farming business, which was not commenced due to family circumstances. The unutilized loan amount was deposited back into the bank account. There was no evidence of any other business activity or misuse of the funds. The tribunal accepted the explanation and held that the source of the deposits was adequately explained, allowing the appeal. en-us Thu, 02 Jan 2025 00:00:00 +0530 Tue, 05 Aug 2025 07:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776095 The ITAT Chandigarh allowed the appeal of the assessee regarding unexplained cash deposits during the demonetization period. The assessee satisfactorily explained that the deposits originated from a gold loan intended for starting a dairy farming business, which was not commenced due to family circumstances. The unutilized loan amount was deposited back into the bank account. There was no evidence of any other business activity or misuse of the funds. The tribunal accepted the explanation and held that the source of the deposits was adequately explained, allowing the appeal. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776095