Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Cash Deposits During Demonetization Presumed as Business Income Without Strict Reconciliation : ITAT Delhi
ITAT Delhi rules that cash deposits by regular taxpayers in cash-based businesses during demonetization may be treated as business income without strict reconciliation, reducing the burden of proof. The tribunal limited additions to 10% of deposits, excluding Section 115BBE applicability for transactions pre-April 2017, offering relief to small businesses.