https://www.taxtmi.com/caselaws?id=456215 The ITAT Chandigarh ruled in favor of the assessee regarding unexplained cash credit additions under Section 68 read with Section 115BBE. The assessee deposited cash in bank accounts during demonetization period from business receipts and debtor realizations. Despite accepting the books of accounts and trading results, the AO added these deposits as unexplained credits. The ITAT held that cash deposits from recorded sales and debtor realizations cannot be treated as unexplained credits under Section 68, as this would constitute double addition of the same amount. The addition was deemed illegal and void-ab-initio, and was consequently deleted. en-us Sat, 22 Apr 2023 00:00:00 +0530 Sun, 07 Jul 2024 17:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456215 The ITAT Chandigarh ruled in favor of the assessee regarding unexplained cash credit additions under Section 68 read with Section 115BBE. The assessee deposited cash in bank accounts during demonetization period from business receipts and debtor realizations. Despite accepting the books of accounts and trading results, the AO added these deposits as unexplained credits. The ITAT held that cash deposits from recorded sales and debtor realizations cannot be treated as unexplained credits under Section 68, as this would constitute double addition of the same amount. The addition was deemed illegal and void-ab-initio, and was consequently deleted. Case-Laws Income Tax Sat, 22 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456215