https://www.taxtmi.com/caselaws?id=456815 Cash deposits made during demonetization could not be taxed as unexplained cash credits under section 68 where the assessee explained them as proceeds of recorded cash sales supported by books, stock records and VAT returns. The record showed cash sales were a regular business feature and moved in line with turnover, while the Assessing Officer identified no defect in the books, no inconsistency in purchases, sales or stock, and no material to show inflated sales. As the Department failed to dislodge the explanation or prove it unsatisfactory, the addition under section 68 was rightly deleted. en-us Mon, 11 Sep 2023 00:00:00 +0530 Fri, 16 Aug 2024 20:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456815 Cash deposits made during demonetization could not be taxed as unexplained cash credits under section 68 where the assessee explained them as proceeds of recorded cash sales supported by books, stock records and VAT returns. The record showed cash sales were a regular business feature and moved in line with turnover, while the Assessing Officer identified no defect in the books, no inconsistency in purchases, sales or stock, and no material to show inflated sales. As the Department failed to dislodge the explanation or prove it unsatisfactory, the addition under section 68 was rightly deleted. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456815