https://www.taxtmi.com/caselaws?id=180988 The High Court dismissed the Tax Appeals, affirming the decisions of the CIT(Appeals) and the Tribunal to delete the additions made by the Assessing Officer. The Court found that the assessee adequately explained the deposits in the bank account to the satisfaction of the authorities, and no adverse material indicated the recovery of advances was not genuine. The Court clarified that unaccounted cash credits cannot be considered for addition under section 68 of the Income Tax Act due to the absence of maintained accounts by the assessee. en-us Thu, 02 May 2013 00:00:00 +0530 Tue, 05 Apr 2016 16:13:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180988 The High Court dismissed the Tax Appeals, affirming the decisions of the CIT(Appeals) and the Tribunal to delete the additions made by the Assessing Officer. The Court found that the assessee adequately explained the deposits in the bank account to the satisfaction of the authorities, and no adverse material indicated the recovery of advances was not genuine. The Court clarified that unaccounted cash credits cannot be considered for addition under section 68 of the Income Tax Act due to the absence of maintained accounts by the assessee. Case-Laws Income Tax Thu, 02 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180988