https://www.taxtmi.com/caselaws?id=450188 ITAT Surat allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The tribunal found that the assessee provided sufficient evidence including bank statements and cash-flow statements proving availability of cash balance. The Assessing Officer failed to examine the documents properly or provide cogent adverse findings with discernible reasoning. Since the assessee was not maintaining books of accounts, Section 68 addition was not tenable. The tribunal held that plausible evidence cannot be dismissed on surmise and conjecture, therefore deleted the addition. en-us Tue, 27 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 07:55:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450188 ITAT Surat allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The tribunal found that the assessee provided sufficient evidence including bank statements and cash-flow statements proving availability of cash balance. The Assessing Officer failed to examine the documents properly or provide cogent adverse findings with discernible reasoning. Since the assessee was not maintaining books of accounts, Section 68 addition was not tenable. The tribunal held that plausible evidence cannot be dismissed on surmise and conjecture, therefore deleted the addition. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450188