https://www.taxtmi.com/caselaws?id=751799 Cash deposits made during the demonetisation period were explained by audited cash books, bank statements, portal submissions, and a cash-in-hand trail showing availability of funds from earlier withdrawals. The books were not found defective, the Assessing Officer did not reject them, and the Revenue produced no contrary evidence to displace the assessee's explanation. Mere assumptions that withdrawn cash would have been spent, or that the cash book could have been manipulated, were insufficient without corroboration. On that basis, the addition as unexplained cash credit under Section 68 was not sustainable. en-us Tue, 23 Apr 2024 00:00:00 +0530 Thu, 25 Apr 2024 06:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751799 Cash deposits made during the demonetisation period were explained by audited cash books, bank statements, portal submissions, and a cash-in-hand trail showing availability of funds from earlier withdrawals. The books were not found defective, the Assessing Officer did not reject them, and the Revenue produced no contrary evidence to displace the assessee's explanation. Mere assumptions that withdrawn cash would have been spent, or that the cash book could have been manipulated, were insufficient without corroboration. On that basis, the addition as unexplained cash credit under Section 68 was not sustainable. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751799