Assessee \u00a0deposited high demonetisation notes. Gave explanation that source being cash in hand and repayment by sundry debtors in cash. \u00a0AO refused explanation on ground that debtors were \u00a0unverifiable . On appeal the CIT(A) affirmed the order of the Assessing Officer . On appeal the Tribunal held that , the assessee is doing moneylending in cash since several years and financial statements support this fact\u00a0. \u2060Interest received \u00a0in cash from debtors has been consistently shown and accepted \u00a0in earlier years as well as this year\u00a0 . The financial statements of earlier two years clearly demonstrate availability of cash balances arising from interest and sundry debtors\u00a0. \u2060Thus this explanation cannot be treated as an after thought\u00a0. Tribunal also held that when the assessee has filed overwhelming evidence demonstrating availability of cash in hand and it\u2019s source , the same cannot be rejected \u00a0on grounds of afterthought\u00a0. Addition is deleted . (ITA No 733 \/ Chny \/2024 dt .12 -8 -2024\u00a0 ) (AY . 2017 -18 ) <\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credits \u2013 Cash deposited \u2013 Demonetisation- Explained the source \u2013 Explanation cannot be rejected on the ground of after thought – Addition is deleted . <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-45608","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bRC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=45608"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45608\/revisions"}],"predecessor-version":[{"id":45609,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45608\/revisions\/45609"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}