Case Law Analysis
|Income Tax Appellate Tribunal
Section 69A IT Act | Cash Deposits During Demonetisation Must Be Assessed Against Business Trends, Not Presumed Unexplained : ITAT Ahmedabad
ITAT Ahmedabad rules that cash deposits during demonetisation cannot be automatically treated as unexplained income under Section 69A without evaluating prior sales trends and legitimate income estimates. The ruling mandates a contextual assessment, shifting the burden from presumptive addition to evidence-based scrutiny, impacting tax assessments for businesses and individuals.