https://www.taxtmi.com/caselaws?id=755792 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal deleted additions for unexplained cash credits, finding no actual cash deposits but only FDs from bank loans, with revenue failing to provide corroborative evidence beyond AIR information. Time deposit additions were dismissed as amounts came from disclosed bank accounts with sufficient operating receipts. The tribunal prevented double taxation on FD renewals, noting original sources weren't questioned. Land investment additions were deleted as payment cheques were properly debited from assessee's bank account. Cash credit additions under section 68 were removed after assessee established identity, creditworthiness, and genuineness of share transactions with promoters. en-us Tue, 07 May 2024 00:00:00 +0530 Fri, 19 Jul 2024 07:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755792 ITAT Ahmedabad ruled in favor of the assessee on multiple grounds. The tribunal deleted additions for unexplained cash credits, finding no actual cash deposits but only FDs from bank loans, with revenue failing to provide corroborative evidence beyond AIR information. Time deposit additions were dismissed as amounts came from disclosed bank accounts with sufficient operating receipts. The tribunal prevented double taxation on FD renewals, noting original sources weren't questioned. Land investment additions were deleted as payment cheques were properly debited from assessee's bank account. Cash credit additions under section 68 were removed after assessee established identity, creditworthiness, and genuineness of share transactions with promoters. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755792