https://www.taxtmi.com/caselaws?id=465630 The dominant issue was whether cash deposits during demonetization could be treated as unexplained and added u/s 68 r/w s.115BBE. The ITAT held that once the assessee furnishes an explanation of nature and source supported by audited financial statements and primary records (sale, purchase, stock registers, and cash book), the AO must record specific dissatisfaction and point out defects before rejecting it. As no specific discrepancies were identified in the books or evidences and the deposits were sourced from cash sales already offered to tax, the deposits were satisfactorily explained; the addition was deleted and the appeal was allowed. en-us Fri, 07 Mar 2025 00:00:00 +0530 Sat, 03 Jan 2026 08:03:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465630 The dominant issue was whether cash deposits during demonetization could be treated as unexplained and added u/s 68 r/w s.115BBE. The ITAT held that once the assessee furnishes an explanation of nature and source supported by audited financial statements and primary records (sale, purchase, stock registers, and cash book), the AO must record specific dissatisfaction and point out defects before rejecting it. As no specific discrepancies were identified in the books or evidences and the deposits were sourced from cash sales already offered to tax, the deposits were satisfactorily explained; the addition was deleted and the appeal was allowed. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465630