https://www.taxtmi.com/caselaws?id=245436 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision to delete the addition of unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found the assessee's explanations, correlation between transactions, and documentary evidence convincing, leading to the conclusion that the transactions were genuine. The Tribunal emphasized that when deposits are made from the available cash balance, regardless of the time gap between withdrawals and deposits, no addition under section 68 should be made. en-us Wed, 05 Mar 2014 00:00:00 +0530 Sat, 29 Mar 2014 10:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245436 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision to delete the addition of unexplained cash credit under section 68 of the Income Tax Act. The Tribunal found the assessee's explanations, correlation between transactions, and documentary evidence convincing, leading to the conclusion that the transactions were genuine. The Tribunal emphasized that when deposits are made from the available cash balance, regardless of the time gap between withdrawals and deposits, no addition under section 68 should be made. Case-Laws Income Tax Wed, 05 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245436