https://www.taxtmi.com/caselaws?id=429650 The Tribunal upheld the CIT(A)'s decision to delete the addition made under section 68 of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that the cash deposits were adequately explained by the assessee and were duly recorded in books and statutory returns. The Tribunal also condoned the 38-day delay in filing the appeal, considering the valid reasons provided by the revenue related to pending approvals post a Supreme Court decision. The importance of maintaining complete records for financial transactions was emphasized in the judgment. en-us Mon, 31 Oct 2022 00:00:00 +0530 Wed, 02 Nov 2022 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429650 The Tribunal upheld the CIT(A)'s decision to delete the addition made under section 68 of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that the cash deposits were adequately explained by the assessee and were duly recorded in books and statutory returns. The Tribunal also condoned the 38-day delay in filing the appeal, considering the valid reasons provided by the revenue related to pending approvals post a Supreme Court decision. The importance of maintaining complete records for financial transactions was emphasized in the judgment. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429650