https://www.taxtmi.com/caselaws?id=307852 The Tribunal allowed the appeal, setting aside the addition under section 68 of the Income Tax Act and remanding the issue to the Assessing Officer for further examination based on the directions provided. The Tribunal emphasized that if cash withdrawals were recorded in the books of account and deposited into the bank account, the cash deposits should be considered explained. The Assessing Officer was directed to verify if the cash deposits were made from available book balances and delete the addition if sufficient cash balance was available before the deposits, allowing for any shortfall. en-us Wed, 21 Jul 2021 00:00:00 +0530 Thu, 11 May 2023 21:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307852 The Tribunal allowed the appeal, setting aside the addition under section 68 of the Income Tax Act and remanding the issue to the Assessing Officer for further examination based on the directions provided. The Tribunal emphasized that if cash withdrawals were recorded in the books of account and deposited into the bank account, the cash deposits should be considered explained. The Assessing Officer was directed to verify if the cash deposits were made from available book balances and delete the addition if sufficient cash balance was available before the deposits, allowing for any shortfall. Case-Laws Income Tax Wed, 21 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307852