https://www.taxtmi.com/caselaws?id=754456 The MP HC dismissed the revenue's appeal against ITAT's order allowing telescopic benefit to the assessee. The assessee had surrendered unaccounted income during survey proceedings and later deposited cash in bank accounts. The revenue added this as unexplained cash credit under Section 68. ITAT deleted the addition, holding that surrendered income could explain subsequent bank deposits as the cash originated from maturity proceeds of hundis seized during survey. HC upheld ITAT's factual findings, noting proper analysis of evidence including names of hundi borrowers and maturity dates. The court found no substantial question of law arose, as ITAT being final fact-finding authority had comprehensively examined all circumstances and documents without any perverse findings. en-us Tue, 28 May 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:37:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754456 The MP HC dismissed the revenue's appeal against ITAT's order allowing telescopic benefit to the assessee. The assessee had surrendered unaccounted income during survey proceedings and later deposited cash in bank accounts. The revenue added this as unexplained cash credit under Section 68. ITAT deleted the addition, holding that surrendered income could explain subsequent bank deposits as the cash originated from maturity proceeds of hundis seized during survey. HC upheld ITAT's factual findings, noting proper analysis of evidence including names of hundi borrowers and maturity dates. The court found no substantial question of law arose, as ITAT being final fact-finding authority had comprehensively examined all circumstances and documents without any perverse findings. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754456