https://www.taxtmi.com/caselaws?id=760394 ITAT Jaipur ruled in favor of the assessee regarding unexplained cash credit under section 68. The AO selected 58 out of 93 parties and issued notices, with 69% properly served and confirmed by the parties. Despite parties' willingness to confirm transactions in person, the AO relied on only two negative replies to reject the entire amount as unexplained money. The tribunal found the assessee successfully shifted the burden of proof to the revenue, as audited books, invoices, and transaction details were properly maintained. Since sales were accepted in assessment under section 143(3), the source of those sales cannot be added again as unexplained receipt. The addition was deleted. en-us Thu, 10 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760394 ITAT Jaipur ruled in favor of the assessee regarding unexplained cash credit under section 68. The AO selected 58 out of 93 parties and issued notices, with 69% properly served and confirmed by the parties. Despite parties' willingness to confirm transactions in person, the AO relied on only two negative replies to reject the entire amount as unexplained money. The tribunal found the assessee successfully shifted the burden of proof to the revenue, as audited books, invoices, and transaction details were properly maintained. Since sales were accepted in assessment under section 143(3), the source of those sales cannot be added again as unexplained receipt. The addition was deleted. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760394