https://www.taxtmi.com/caselaws?id=469043 Addition under section 68 for alleged unexplained cash deposits during demonetisation was held unsustainable where the assessee maintained audited books, stock register, cash book, sales records, bills and invoices, and the books were not rejected under section 145(3). The sales were reflected in the profit and loss account and VAT returns, and the available cash-in-hand explained the deposits. In the absence of any adverse material disproving the genuineness of the sales or the cash source, an estimate based only on a statistical formula and suspicion was held impermissible. The addition was deleted and the assessee succeeded. en-us Fri, 28 Mar 2025 00:00:00 +0530 Sat, 30 May 2026 20:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469043 Addition under section 68 for alleged unexplained cash deposits during demonetisation was held unsustainable where the assessee maintained audited books, stock register, cash book, sales records, bills and invoices, and the books were not rejected under section 145(3). The sales were reflected in the profit and loss account and VAT returns, and the available cash-in-hand explained the deposits. In the absence of any adverse material disproving the genuineness of the sales or the cash source, an estimate based only on a statistical formula and suspicion was held impermissible. The addition was deleted and the assessee succeeded. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469043