https://www.taxtmi.com/caselaws?id=403472 Bank deposits could not be sustained as unexplained income where the assessee explained them as business receipts supported by opening balances and running-account entries, and the assessment order failed to examine the return and banking trail properly. The addition under section 68 was deleted because bank credits alone did not justify an unexplained cash credit or unexplained investment finding on the facts recorded, especially where no books of account were maintained. The first appellate authority also could not enhance the assessment by substituting section 69A without issuing notice under section 251(2). en-us Mon, 07 Dec 2020 00:00:00 +0530 Sat, 30 Jan 2021 07:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403472 Bank deposits could not be sustained as unexplained income where the assessee explained them as business receipts supported by opening balances and running-account entries, and the assessment order failed to examine the return and banking trail properly. The addition under section 68 was deleted because bank credits alone did not justify an unexplained cash credit or unexplained investment finding on the facts recorded, especially where no books of account were maintained. The first appellate authority also could not enhance the assessment by substituting section 69A without issuing notice under section 251(2). Case-Laws Income Tax Mon, 07 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403472