https://www.taxtmi.com/caselaws?id=469978 Cash deposits during the demonetisation period were held not to justify a section 68 addition where the assessee's sales had been accepted as genuine and the cash was shown to have arisen from those sales and been promptly deposited in bank accounts. Once the sales were not disputed, the corresponding cash could not be treated as unexplained merely because it was deposited in cash; if the sales were to be rejected, the trading results first had to be recast. The addition was also found to rest on an estimated average-sales computation and on conjectures and surmises. The ITAT Delhi upheld deletion of the addition and rejected the Revenue's challenge. en-us Wed, 12 Mar 2025 00:00:00 +0530 Fri, 10 Jul 2026 22:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469978 Cash deposits during the demonetisation period were held not to justify a section 68 addition where the assessee's sales had been accepted as genuine and the cash was shown to have arisen from those sales and been promptly deposited in bank accounts. Once the sales were not disputed, the corresponding cash could not be treated as unexplained merely because it was deposited in cash; if the sales were to be rejected, the trading results first had to be recast. The addition was also found to rest on an estimated average-sales computation and on conjectures and surmises. The ITAT Delhi upheld deletion of the addition and rejected the Revenue's challenge. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469978