https://www.taxtmi.com/caselaws?id=445808 ITAT Surat allowed the appeal regarding unexplained cash credit under Section 68. The assessee was selected for limited scrutiny due to large cash deposits but showed negative cash balance. The tribunal found that the Assessing Officer failed to consider dishonoured cheques, contra-entries, and typographical errors in bank statements. Despite the assessee's initial incorrect statement about gifts from spouse, the tribunal held that sufficient evidence was provided to explain the cash difference of Rs. 3,99,365. The addition was deleted as the assessee had furnished adequate documentation including bank statements and cash details to substantiate the transactions. en-us Tue, 31 Oct 2023 00:00:00 +0530 Mon, 20 Nov 2023 08:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445808 ITAT Surat allowed the appeal regarding unexplained cash credit under Section 68. The assessee was selected for limited scrutiny due to large cash deposits but showed negative cash balance. The tribunal found that the Assessing Officer failed to consider dishonoured cheques, contra-entries, and typographical errors in bank statements. Despite the assessee's initial incorrect statement about gifts from spouse, the tribunal held that sufficient evidence was provided to explain the cash difference of Rs. 3,99,365. The addition was deleted as the assessee had furnished adequate documentation including bank statements and cash details to substantiate the transactions. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445808