https://www.taxtmi.com/caselaws?id=446653 ITAT Delhi ruled in favor of assessee regarding unexplained cash deposits under section 68. The assessee explained cash deposits in IDBI Bank account as old savings, current year income, and withdrawals from banks/partnership firm. Revenue failed to provide evidence dismantling this explanation. No incriminating material was found during search of assessee's bank locker. AO incorrectly made additions based on material found in another person's case without following mandatory section 153C procedures. ITAT deleted all additions sustained by CIT(A), following precedents from Delhi HC and SC decisions. en-us Mon, 04 Dec 2023 00:00:00 +0530 Fri, 08 Dec 2023 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446653 ITAT Delhi ruled in favor of assessee regarding unexplained cash deposits under section 68. The assessee explained cash deposits in IDBI Bank account as old savings, current year income, and withdrawals from banks/partnership firm. Revenue failed to provide evidence dismantling this explanation. No incriminating material was found during search of assessee's bank locker. AO incorrectly made additions based on material found in another person's case without following mandatory section 153C procedures. ITAT deleted all additions sustained by CIT(A), following precedents from Delhi HC and SC decisions. Case-Laws Income Tax Mon, 04 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446653