https://www.taxtmi.com/caselaws?id=446588 ITAT Chennai partially allowed the appeal in a case involving unexplained money under Section 69A. The tribunal upheld additions of Rs. 6,62,783 for cash deposits where the assessee admitted shortage of source in their cash flow statement. However, additions for advance received from group concerns were deleted, following precedent in Micky Fireworks Industries case. The tribunal held that cash received from identified debtors with proper documentation and PAN details could not be treated as unexplained cash credit under Section 68, as the source was adequately explained through recorded sales transactions. en-us Wed, 11 Oct 2023 00:00:00 +0530 Wed, 06 Dec 2023 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446588 ITAT Chennai partially allowed the appeal in a case involving unexplained money under Section 69A. The tribunal upheld additions of Rs. 6,62,783 for cash deposits where the assessee admitted shortage of source in their cash flow statement. However, additions for advance received from group concerns were deleted, following precedent in Micky Fireworks Industries case. The tribunal held that cash received from identified debtors with proper documentation and PAN details could not be treated as unexplained cash credit under Section 68, as the source was adequately explained through recorded sales transactions. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446588