https://www.taxtmi.com/caselaws?id=782192 ITAT Amritsar allowed the assessee's appeal and deleted the addition of Rs. 2,02,500/- made on account of Specified Bank Notes deposited during the demonetisation period. The Tribunal noted that the AO had already accepted the disclosed turnover of Rs. 57.82 lakhs and the business profit @ 8% thereon, and that the cash deposit of Rs. 2.02 lakhs was part of this accepted turnover. It further held that the reassessment was initiated on misinformation about a higher cash deposit and that the actual amount fell below the threshold prescribed in Board Instruction No. 3/2017. Consequently, no separate addition was warranted. en-us Mon, 28 Jul 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782192 ITAT Amritsar allowed the assessee's appeal and deleted the addition of Rs. 2,02,500/- made on account of Specified Bank Notes deposited during the demonetisation period. The Tribunal noted that the AO had already accepted the disclosed turnover of Rs. 57.82 lakhs and the business profit @ 8% thereon, and that the cash deposit of Rs. 2.02 lakhs was part of this accepted turnover. It further held that the reassessment was initiated on misinformation about a higher cash deposit and that the actual amount fell below the threshold prescribed in Board Instruction No. 3/2017. Consequently, no separate addition was warranted. Case-Laws Income Tax Mon, 28 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782192