https://www.taxtmi.com/caselaws?id=441238 The Tribunal allowed the appeal in favor of the appellant, directing the deletion of the addition made under section 68. The Tribunal found that the appellant's cash deposits from legitimate sales of fireworks were adequately explained and supported by evidence, with no irregularities in the books of accounts. It was held that section 68 could not be invoked for unexplained cash credits in this case, leading to the unsustainable nature of the additions. The Assessing Officer was instructed to re-compute the income of the assessee. en-us Wed, 26 Jul 2023 00:00:00 +0530 Thu, 03 Aug 2023 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441238 The Tribunal allowed the appeal in favor of the appellant, directing the deletion of the addition made under section 68. The Tribunal found that the appellant's cash deposits from legitimate sales of fireworks were adequately explained and supported by evidence, with no irregularities in the books of accounts. It was held that section 68 could not be invoked for unexplained cash credits in this case, leading to the unsustainable nature of the additions. The Assessing Officer was instructed to re-compute the income of the assessee. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441238