https://www.taxtmi.com/caselaws?id=456842 ITAT Agra dismissed Revenue's appeal regarding unexplained cash transactions during survey operations. The assessee had surrendered additional income in AY 2012-13 and 2013-14 based on peak calculations from impounded Hulyati book entries. CIT(A) correctly deleted additions as they were covered by voluntarily surrendered income. Section 40A(3) disallowance was also deleted since cash payments were loan repayments of capital nature, not revenue expenses. ITAT affirmed CIT(A)'s findings that unexplained cash credits were already accounted for in surrendered amounts, making Revenue's additions unjustified. en-us Wed, 13 Sep 2023 00:00:00 +0530 Tue, 20 Aug 2024 23:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456842 ITAT Agra dismissed Revenue's appeal regarding unexplained cash transactions during survey operations. The assessee had surrendered additional income in AY 2012-13 and 2013-14 based on peak calculations from impounded Hulyati book entries. CIT(A) correctly deleted additions as they were covered by voluntarily surrendered income. Section 40A(3) disallowance was also deleted since cash payments were loan repayments of capital nature, not revenue expenses. ITAT affirmed CIT(A)'s findings that unexplained cash credits were already accounted for in surrendered amounts, making Revenue's additions unjustified. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456842