https://www.taxtmi.com/caselaws?id=757307 The ITAT Jodhpur allowed the assessee's appeal against addition u/s 68 for unexplained cash deposits. The tribunal found that Rs. 4 lacs deposited in April 2014 came from advance payment received by assessee's spouse for property sale completed in May 2014. The cash was deposited in a joint bank account by the spouse, not the assessee. Lower authorities failed to consider the explanation and supporting documents provided. The tribunal held that since the source was adequately explained and belonged to the spouse who had independent income and filed returns, no addition could be made in assessee's hands. Small amounts from household item sales were also accepted as non-taxable. en-us Fri, 02 Feb 2024 00:00:00 +0530 Wed, 21 Aug 2024 19:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757307 The ITAT Jodhpur allowed the assessee's appeal against addition u/s 68 for unexplained cash deposits. The tribunal found that Rs. 4 lacs deposited in April 2014 came from advance payment received by assessee's spouse for property sale completed in May 2014. The cash was deposited in a joint bank account by the spouse, not the assessee. Lower authorities failed to consider the explanation and supporting documents provided. The tribunal held that since the source was adequately explained and belonged to the spouse who had independent income and filed returns, no addition could be made in assessee's hands. Small amounts from household item sales were also accepted as non-taxable. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757307