https://www.taxtmi.com/caselaws?id=431722 The Tribunal partially allowed the appeal concerning the assessment of unexplained cash credit under section 68 of the Income-tax Act for the assessment year 2004-05. While the assessee could not sufficiently prove the source of cash deposits, the Tribunal criticized the Commissioner for summarily rejecting affidavits from close relatives. The Tribunal directed the Assessing Officer to estimate 20% profit on the total cash deposits and delete the remaining addition made under section 68 of the Act, settling the dispute. en-us Fri, 02 Dec 2022 00:00:00 +0530 Sat, 17 Dec 2022 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431722 The Tribunal partially allowed the appeal concerning the assessment of unexplained cash credit under section 68 of the Income-tax Act for the assessment year 2004-05. While the assessee could not sufficiently prove the source of cash deposits, the Tribunal criticized the Commissioner for summarily rejecting affidavits from close relatives. The Tribunal directed the Assessing Officer to estimate 20% profit on the total cash deposits and delete the remaining addition made under section 68 of the Act, settling the dispute. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431722