https://www.taxtmi.com/caselaws?id=751315 ITAT Delhi allowed the assessee's appeal against additions made under sections 68 and 69C. The AO had added cash deposits as unexplained cash credit, doubting the business model. However, the assessee successfully demonstrated through cash book extracts and tabular form that all cash deposits were properly explained with adequate sources, showing no negative cash balance throughout the year. Regarding section 69C addition for unexplained business expenditure, ITAT found all expenses were properly recorded in regular books of accounts with identifiable sources, making section 69C inapplicable. Both additions were deleted. en-us Tue, 09 Apr 2024 00:00:00 +0530 Sat, 13 Apr 2024 09:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751315 ITAT Delhi allowed the assessee's appeal against additions made under sections 68 and 69C. The AO had added cash deposits as unexplained cash credit, doubting the business model. However, the assessee successfully demonstrated through cash book extracts and tabular form that all cash deposits were properly explained with adequate sources, showing no negative cash balance throughout the year. Regarding section 69C addition for unexplained business expenditure, ITAT found all expenses were properly recorded in regular books of accounts with identifiable sources, making section 69C inapplicable. Both additions were deleted. Case-Laws Income Tax Tue, 09 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751315