https://www.taxtmi.com/caselaws?id=250775 The ITAT dismissed the appeal filed by the assessee, affirming the addition of unexplained cash deposits under section 68 of the Income Tax Act. The ITAT found the explanations provided regarding the source of the cash deposits to be not credible, particularly the alleged sale and repurchase of shares in a delisted company. The decision of the Ld CIT(A) to uphold the addition of Rs. 28,18,300 was confirmed, concluding that the cash deposits were unexplained and should be treated as unexplained cash credits under section 68. en-us Wed, 20 Aug 2014 00:00:00 +0530 Mon, 25 Aug 2014 09:03:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250775 The ITAT dismissed the appeal filed by the assessee, affirming the addition of unexplained cash deposits under section 68 of the Income Tax Act. The ITAT found the explanations provided regarding the source of the cash deposits to be not credible, particularly the alleged sale and repurchase of shares in a delisted company. The decision of the Ld CIT(A) to uphold the addition of Rs. 28,18,300 was confirmed, concluding that the cash deposits were unexplained and should be treated as unexplained cash credits under section 68. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250775