https://www.taxtmi.com/caselaws?id=757037 ITAT Chennai dismissed revenue's appeal regarding unexplained cash credit under section 68 read with section 115BBE. The appellant deposited cash during demonetization period but adequately explained the source through bank statements and cash book showing sufficient prior withdrawals from the same account. The cash balance as per books on 08.11.2016 exceeded the deposited amount. ITAT found the explanation that cash deposits originated from legitimate sales proceeds and previous withdrawals to be bona fide and reasonable. CIT(A)'s deletion of additions was upheld, following precedent in Sahana Jewellery Exports case. en-us Thu, 21 Mar 2024 00:00:00 +0530 Tue, 13 Aug 2024 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757037 ITAT Chennai dismissed revenue's appeal regarding unexplained cash credit under section 68 read with section 115BBE. The appellant deposited cash during demonetization period but adequately explained the source through bank statements and cash book showing sufficient prior withdrawals from the same account. The cash balance as per books on 08.11.2016 exceeded the deposited amount. ITAT found the explanation that cash deposits originated from legitimate sales proceeds and previous withdrawals to be bona fide and reasonable. CIT(A)'s deletion of additions was upheld, following precedent in Sahana Jewellery Exports case. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757037