https://www.taxtmi.com/caselaws?id=457124 ITAT Raipur upheld CIT(A)'s decision deleting additions under section 68 for unexplained cash credits. The tribunal found that the assessee had discharged its primary onus by providing necessary documentation, while the AO failed to conduct further inquiry before concluding the unsecured loans were bogus. Regarding cash deposits during demonetization, the tribunal held that deposits from legitimate opening cash balances cannot be treated as unexplained or bogus sales without contrary evidence from the revenue department. The revenue's appeal was dismissed on both grounds. en-us Thu, 08 Jun 2023 00:00:00 +0530 Fri, 06 Sep 2024 11:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457124 ITAT Raipur upheld CIT(A)'s decision deleting additions under section 68 for unexplained cash credits. The tribunal found that the assessee had discharged its primary onus by providing necessary documentation, while the AO failed to conduct further inquiry before concluding the unsecured loans were bogus. Regarding cash deposits during demonetization, the tribunal held that deposits from legitimate opening cash balances cannot be treated as unexplained or bogus sales without contrary evidence from the revenue department. The revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Thu, 08 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457124