https://www.taxtmi.com/caselaws?id=759822 ITAT Hyderabad allowed the assessee's appeal partially in a case involving unexplained cash deposits under Section 68. The tribunal held that while Section 68 can apply to bank deposits, the assessee successfully explained Rs. 14.60 crores through advances received from six parties in the previous year with supporting evidence. However, Rs. 81 lakhs from one party was sustained as addition due to failure to prove creditworthiness. The tribunal rejected the revenue's argument that books prepared post-search are unreliable without specific evidence of discrepancies, directing deletion of additions where cash sources were adequately explained through bank withdrawals and verified transactions. en-us Tue, 01 Oct 2024 00:00:00 +0530 Tue, 08 Oct 2024 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759822 ITAT Hyderabad allowed the assessee's appeal partially in a case involving unexplained cash deposits under Section 68. The tribunal held that while Section 68 can apply to bank deposits, the assessee successfully explained Rs. 14.60 crores through advances received from six parties in the previous year with supporting evidence. However, Rs. 81 lakhs from one party was sustained as addition due to failure to prove creditworthiness. The tribunal rejected the revenue's argument that books prepared post-search are unreliable without specific evidence of discrepancies, directing deletion of additions where cash sources were adequately explained through bank withdrawals and verified transactions. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759822