https://www.taxtmi.com/caselaws?id=450079 The ITAT Delhi allowed the assessee's appeal against addition under section 68 read with section 115BBE for unexplained cash deposits. The AO rejected cash deposits from October-November 2016 lacking historical basis, while accepting the assessee's accounts and book results. The CIT(A) confirmed the addition without disturbing book results. ITAT held that since the AO accepted sales, purchases, and stock without adverse findings, treating cash sales as bogus while accepting book results was illogical. The authorities erred in making the addition without adverse material regarding purchases and stock, making section 68 invocation unjustified. en-us Fri, 23 Feb 2024 00:00:00 +0530 Mon, 26 Feb 2024 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450079 The ITAT Delhi allowed the assessee's appeal against addition under section 68 read with section 115BBE for unexplained cash deposits. The AO rejected cash deposits from October-November 2016 lacking historical basis, while accepting the assessee's accounts and book results. The CIT(A) confirmed the addition without disturbing book results. ITAT held that since the AO accepted sales, purchases, and stock without adverse findings, treating cash sales as bogus while accepting book results was illogical. The authorities erred in making the addition without adverse material regarding purchases and stock, making section 68 invocation unjustified. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450079