https://www.taxtmi.com/caselaws?id=397364 The Appellate Tribunal ITAT Rajkot allowed the assessee's appeal in a case concerning the addition of unexplained cash credit under section 68 of the Income Tax Act, 1961. The Tribunal held that the closing cash balance cannot be subject to addition under section 68 and emphasized the need for consistent treatment of the assessee's transactions by the revenue. Due to delays caused by COVID-19, the Tribunal extended the time for order pronouncement but ultimately dismissed the Assessing Officer's appeal, concluding the proceedings in favor of the assessee. en-us Tue, 02 Jun 2020 00:00:00 +0530 Sat, 15 Aug 2020 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397364 The Appellate Tribunal ITAT Rajkot allowed the assessee's appeal in a case concerning the addition of unexplained cash credit under section 68 of the Income Tax Act, 1961. The Tribunal held that the closing cash balance cannot be subject to addition under section 68 and emphasized the need for consistent treatment of the assessee's transactions by the revenue. Due to delays caused by COVID-19, the Tribunal extended the time for order pronouncement but ultimately dismissed the Assessing Officer's appeal, concluding the proceedings in favor of the assessee. Case-Laws Income Tax Tue, 02 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397364