https://www.taxtmi.com/caselaws?id=295473 The appeal of the revenue was dismissed, and the cross-objection of the assessee was treated as infructuous. The CIT (A) found that the AO's rejection of the books of account and estimation of profit was not justified, that the business and books of the assessee were genuine, and that the additions on account of unexplained cash deposits and unsecured loans were not supported by any material evidence. The CIT (A) directed the AO to examine the account and give effect to the amount if it represented the cash utilized for opening the bank account. en-us Mon, 24 Feb 2020 00:00:00 +0530 Sat, 05 Jun 2021 10:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295473 The appeal of the revenue was dismissed, and the cross-objection of the assessee was treated as infructuous. The CIT (A) found that the AO's rejection of the books of account and estimation of profit was not justified, that the business and books of the assessee were genuine, and that the additions on account of unexplained cash deposits and unsecured loans were not supported by any material evidence. The CIT (A) directed the AO to examine the account and give effect to the amount if it represented the cash utilized for opening the bank account. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295473