https://www.taxtmi.com/caselaws?id=780758 ITAT, MUMBAI (AT) held that bank deposits during demonetization represented proceeds of genuine sales already reflected in books and taxed, and deleted additions under s.69A. The Tribunal found AO's and CIT(A)'s reliance on third-party denials and imputed 20% gross profit on certain cash sales to be conjectural and impermissible, observing that once turnover and profit are accepted, no further notional profit can be grafted. The presence of TCS, VAT returns, audited accounts and reconciliations corroborated genuineness. Revenue's appeal dismissed. en-us Mon, 27 Oct 2025 00:00:00 +0530 Wed, 05 Nov 2025 08:35:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780758 ITAT, MUMBAI (AT) held that bank deposits during demonetization represented proceeds of genuine sales already reflected in books and taxed, and deleted additions under s.69A. The Tribunal found AO's and CIT(A)'s reliance on third-party denials and imputed 20% gross profit on certain cash sales to be conjectural and impermissible, observing that once turnover and profit are accepted, no further notional profit can be grafted. The presence of TCS, VAT returns, audited accounts and reconciliations corroborated genuineness. Revenue's appeal dismissed. Case-Laws Income Tax Mon, 27 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780758