https://www.taxtmi.com/caselaws?id=753987 ITAT Surat dismissed Revenue's appeal challenging deletion of addition under section 68 for unexplained cash credits during demonetization period. Tribunal held that cash deposits made from recorded cash-in-hand balance cannot be treated as unexplained credits. Assessee's cash sales and debtor realizations were minimal portion of turnover and properly recorded in books. AO failed to establish any unrecorded income source or reject books of account. Since deposits originated from legitimate cash balance per books, no section 68 addition warranted. en-us Mon, 27 May 2024 00:00:00 +0530 Fri, 14 Jun 2024 08:16:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753987 ITAT Surat dismissed Revenue's appeal challenging deletion of addition under section 68 for unexplained cash credits during demonetization period. Tribunal held that cash deposits made from recorded cash-in-hand balance cannot be treated as unexplained credits. Assessee's cash sales and debtor realizations were minimal portion of turnover and properly recorded in books. AO failed to establish any unrecorded income source or reject books of account. Since deposits originated from legitimate cash balance per books, no section 68 addition warranted. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753987