https://www.taxtmi.com/caselaws?id=782283 ITAT Pune set aside the order of CIT(A) sustaining addition under s.68 for alleged unexplained cash deposits made during the demonetization period. It held that the assessee had sufficient cash balance, as total cash withdrawals (Rs. 56.63 lakh) exceeded pre-demonetization cash deposits (Rs. 44.65 lakh), leaving a surplus of Rs. 11.98 lakh, more than the impugned deposit of Rs. 7.40 lakh. Considering the declared cash-based turnover, profit offered, and VAT/GST compliance, the Tribunal treated the deposits as business receipts and deleted the addition, allowing the assessee's appeal. en-us Wed, 30 Jul 2025 00:00:00 +0530 Tue, 25 Nov 2025 15:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782283 ITAT Pune set aside the order of CIT(A) sustaining addition under s.68 for alleged unexplained cash deposits made during the demonetization period. It held that the assessee had sufficient cash balance, as total cash withdrawals (Rs. 56.63 lakh) exceeded pre-demonetization cash deposits (Rs. 44.65 lakh), leaving a surplus of Rs. 11.98 lakh, more than the impugned deposit of Rs. 7.40 lakh. Considering the declared cash-based turnover, profit offered, and VAT/GST compliance, the Tribunal treated the deposits as business receipts and deleted the addition, allowing the assessee's appeal. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782283