https://www.taxtmi.com/caselaws?id=782643 ITAT allowed the assessee's appeal and deleted the addition made u/s 69A r.w.s. 115BBE on cash deposits of specified bank notes during demonetization. The Tribunal held that once sales and turnover recorded in the books are accepted, the same cash receipts cannot be treated as unexplained merely because they were deposited in SBN; doing so would result in impermissible double taxation. The cash deposits were found to be duly supported by recorded cash sales and existing cash balance. Consequently, as no income under ss. 68/69/69A etc. survived, the enhanced rate of tax and interest u/s 115BBE was held inapplicable and the related levy was quashed. en-us Thu, 20 Nov 2025 00:00:00 +0530 Tue, 02 Dec 2025 08:35:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782643 ITAT allowed the assessee's appeal and deleted the addition made u/s 69A r.w.s. 115BBE on cash deposits of specified bank notes during demonetization. The Tribunal held that once sales and turnover recorded in the books are accepted, the same cash receipts cannot be treated as unexplained merely because they were deposited in SBN; doing so would result in impermissible double taxation. The cash deposits were found to be duly supported by recorded cash sales and existing cash balance. Consequently, as no income under ss. 68/69/69A etc. survived, the enhanced rate of tax and interest u/s 115BBE was held inapplicable and the related levy was quashed. Case-Laws Income Tax Thu, 20 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782643