Penal Tax Blocked: ITAT Orders Normal Rate on Cash Deposits

Babaji Udyog Vs ACIT (ITAT Delhi) Mustard Oil Trader Gets GP Estimation Relief: ITAT Delhi Rejects 115BBE on Demonetisation Cash The Delhi ITAT (SMC), in   Babaji Udyog v. ACIT (ITA No. 7958/Del/2025, AY 2017-18; order dated 24.12.2025), has partly allowed the Assessee’s appeal, scaling down the addition made on demonetisation cash deposits and holding that section 115BBE is not applicable. The Assessee, engaged in wholesale and retail trading of mustard oil, had deposited ₹49.48 lakh in cash during the demonetisation period. The AO treated the entire amount as unexplained cash credit u/...