https://www.taxtmi.com/caselaws?id=759205 ITAT Jaipur dismissed revenue's appeal challenging CIT(A)'s deletion of additions under section 68. The assessee, a 64-year-old Aadatia (commission agent) with 40+ years of tax compliance, faced additions on cash deposits of Rs. 8,60,03,806 and 25% disallowance of expenses. CIT(A) accepted that cash deposits represented sale proceeds received on behalf of farmers in regular commission business, supported by cash books, bank statements, and ledger accounts. ITAT found no additional evidence was furnished during appellate proceedings, and AO failed to distinguish between commission income and alleged undisclosed trading. The tribunal upheld CIT(A)'s findings, noting adequate documentation and lack of specific defects in records. en-us Thu, 05 Sep 2024 00:00:00 +0530 Wed, 25 Sep 2024 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759205 ITAT Jaipur dismissed revenue's appeal challenging CIT(A)'s deletion of additions under section 68. The assessee, a 64-year-old Aadatia (commission agent) with 40+ years of tax compliance, faced additions on cash deposits of Rs. 8,60,03,806 and 25% disallowance of expenses. CIT(A) accepted that cash deposits represented sale proceeds received on behalf of farmers in regular commission business, supported by cash books, bank statements, and ledger accounts. ITAT found no additional evidence was furnished during appellate proceedings, and AO failed to distinguish between commission income and alleged undisclosed trading. The tribunal upheld CIT(A)'s findings, noting adequate documentation and lack of specific defects in records. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759205