https://www.taxtmi.com/caselaws?id=759315 ITAT Chennai dismissed revenue's appeal against CIT(A)'s deletion of additions under Section 68 for unexplained cash credits. The assessee company demonstrated export turnover of Rs. 178.81 crores and received duty drawback of Rs. 2.02 crores from Government of India for export promotion. Bank credits shown as business receipts exceeded the amount in Section 148 notice (Rs. 138.83 crores). ITAT found assessee successfully proved source of bank deposits, upholding CIT(A)'s order deleting unexplained cash credit additions. en-us Fri, 30 Aug 2024 00:00:00 +0530 Sat, 28 Sep 2024 08:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759315 ITAT Chennai dismissed revenue's appeal against CIT(A)'s deletion of additions under Section 68 for unexplained cash credits. The assessee company demonstrated export turnover of Rs. 178.81 crores and received duty drawback of Rs. 2.02 crores from Government of India for export promotion. Bank credits shown as business receipts exceeded the amount in Section 148 notice (Rs. 138.83 crores). ITAT found assessee successfully proved source of bank deposits, upholding CIT(A)'s order deleting unexplained cash credit additions. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759315