https://www.taxtmi.com/caselaws?id=751799 The ITAT Delhi dismissed the Revenue's appeal regarding addition u/s 68 for unexplained cash deposits. The assessee provided comprehensive evidence including cash books, bank statements, and responses to Income Tax Portal queries to explain cash deposits as withdrawals from bank accounts. The AO rejected these explanations based on assumptions without identifying defects in audited books or rejecting accounts. The CIT(A) deleted the addition after considering all documents and countering AO's allegations. The Tribunal noted that coordinate benches decided similar issues from the same survey in favor of assessees, finding no error in CIT(A)'s decision to delete additions. 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 The ITAT Delhi dismissed the Revenue's appeal regarding addition u/s 68 for unexplained cash deposits. The assessee provided comprehensive evidence including cash books, bank statements, and responses to Income Tax Portal queries to explain cash deposits as withdrawals from bank accounts. The AO rejected these explanations based on assumptions without identifying defects in audited books or rejecting accounts. The CIT(A) deleted the addition after considering all documents and countering AO's allegations. The Tribunal noted that coordinate benches decided similar issues from the same survey in favor of assessees, finding no error in CIT(A)'s decision to delete additions. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751799