https://www.taxtmi.com/caselaws?id=756844 The ITAT Kolkata allowed the appellant's appeal against addition u/s 68 for unexplained cash credit relating to deposits during demonetization. The tribunal held that the appellant successfully explained the nature and source of cash deposits as arising from sales in ordinary course of business, which were properly recorded in books of accounts. The tribunal ruled that mere contravention of RBI notification does not render legitimately earned and recorded business receipts as unexplained cash credit. The CIT(A)'s order treating the deposits as unexplained money was set aside. en-us Thu, 08 Aug 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756844 The ITAT Kolkata allowed the appellant's appeal against addition u/s 68 for unexplained cash credit relating to deposits during demonetization. The tribunal held that the appellant successfully explained the nature and source of cash deposits as arising from sales in ordinary course of business, which were properly recorded in books of accounts. The tribunal ruled that mere contravention of RBI notification does not render legitimately earned and recorded business receipts as unexplained cash credit. The CIT(A)'s order treating the deposits as unexplained money was set aside. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756844