https://www.taxtmi.com/caselaws?id=753122 The ITAT Raipur ruled in favor of the assessee regarding unexplained cash credit under Section 68. The assessee had made cash deposits in a joint bank account with her spouse, claiming these were from cash withdrawals and accumulated savings. The AO treated the bank statement as books of account and made additions. The ITAT held that since the cash deposits were not appearing in the assessee's books of account, Section 68 was not applicable. The tribunal found the AO's addition suffered from jurisdictional defect and vacated the disallowance entirely. en-us Fri, 05 Jan 2024 00:00:00 +0530 Sat, 25 May 2024 08:31:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753122 The ITAT Raipur ruled in favor of the assessee regarding unexplained cash credit under Section 68. The assessee had made cash deposits in a joint bank account with her spouse, claiming these were from cash withdrawals and accumulated savings. The AO treated the bank statement as books of account and made additions. The ITAT held that since the cash deposits were not appearing in the assessee's books of account, Section 68 was not applicable. The tribunal found the AO's addition suffered from jurisdictional defect and vacated the disallowance entirely. Case-Laws Income Tax Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753122