https://www.taxtmi.com/caselaws?id=758021 ITAT Amritsar ruled in favor of the assessee on three grounds. First, unexplained cash deposits were found genuine as the transaction was disclosed in audited books before search proceedings, representing advance payment for land sale agreement. Bank manager confirmed no actual cash movement occurred as both accounts were in same branch. Second, interest disallowance on CC account was deleted as funds were invested in productive business assets despite being classified under debtors. Third, unaccounted sales receipts addition was removed as CIT(A)'s findings were contradictory - confirming profit on sale receipts while simultaneously treating same receipts as unexplained loans. en-us Fri, 28 Jun 2024 00:00:00 +0530 Thu, 05 Sep 2024 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758021 ITAT Amritsar ruled in favor of the assessee on three grounds. First, unexplained cash deposits were found genuine as the transaction was disclosed in audited books before search proceedings, representing advance payment for land sale agreement. Bank manager confirmed no actual cash movement occurred as both accounts were in same branch. Second, interest disallowance on CC account was deleted as funds were invested in productive business assets despite being classified under debtors. Third, unaccounted sales receipts addition was removed as CIT(A)'s findings were contradictory - confirming profit on sale receipts while simultaneously treating same receipts as unexplained loans. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758021