https://www.taxtmi.com/caselaws?id=308353 The Appellate Tribunal ruled in favor of the assessee in an appeal against the addition of unexplained cash credit under Section 68 of the Income-Tax Act for the assessment year 2010-11. The Tribunal found the explanation for a portion of the cash deposits plausible, related to the sale of ancestral land. However, for the remaining amount, the Tribunal deemed the Assessing Officer's rejection of affidavits without proper inquiry unacceptable. Consequently, the Tribunal deleted the addition made by the Assessing Officer, allowing the appeal and ruling in favor of the assessee. en-us Wed, 31 Aug 2022 00:00:00 +0530 Mon, 19 Jun 2023 21:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308353 The Appellate Tribunal ruled in favor of the assessee in an appeal against the addition of unexplained cash credit under Section 68 of the Income-Tax Act for the assessment year 2010-11. The Tribunal found the explanation for a portion of the cash deposits plausible, related to the sale of ancestral land. However, for the remaining amount, the Tribunal deemed the Assessing Officer's rejection of affidavits without proper inquiry unacceptable. Consequently, the Tribunal deleted the addition made by the Assessing Officer, allowing the appeal and ruling in favor of the assessee. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308353