https://www.taxtmi.com/caselaws?id=781846 ITAT Rajkot-AT upheld only a limited addition on cash deposits made during demonetization. The assessee, a small milk trader, had deposited cash in bank and post office accounts. ITAT rejected the claimed opening cash balance and treated the cash book as self-serving, as no returns had been filed and no reliable sales details were produced. However, recognizing that deposits were from the milk business and that a small assessee need not maintain formal books, ITAT estimated profit at 10% of the cash deposits, sustaining Rs. 74,800 as taxable business income at normal rates and held that s.115BBE did not apply, with no precedential value for other years. en-us Mon, 17 Nov 2025 00:00:00 +0530 Fri, 21 Nov 2025 08:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781846 ITAT Rajkot-AT upheld only a limited addition on cash deposits made during demonetization. The assessee, a small milk trader, had deposited cash in bank and post office accounts. ITAT rejected the claimed opening cash balance and treated the cash book as self-serving, as no returns had been filed and no reliable sales details were produced. However, recognizing that deposits were from the milk business and that a small assessee need not maintain formal books, ITAT estimated profit at 10% of the cash deposits, sustaining Rs. 74,800 as taxable business income at normal rates and held that s.115BBE did not apply, with no precedential value for other years. Case-Laws Income Tax Mon, 17 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781846