https://www.taxtmi.com/caselaws?id=761580 ITAT Mumbai remanded the case back to the Assessing Officer regarding addition under section 68 for unexplained cash deposits. The appellant claimed deposits were made from available cash balance and withdrawals but failed to provide supporting documentation including bank statements, income tax returns, and financial statements. While the preceding year's return was accepted showing cash-in-hand availability, the current submissions lacked material evidence. The tribunal directed fresh adjudication with reasonable opportunity for the appellant to substantiate cash sources through proper documentation. Ground allowed for statistical purposes. en-us Thu, 17 Oct 2024 00:00:00 +0530 Wed, 13 Nov 2024 08:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761580 ITAT Mumbai remanded the case back to the Assessing Officer regarding addition under section 68 for unexplained cash deposits. The appellant claimed deposits were made from available cash balance and withdrawals but failed to provide supporting documentation including bank statements, income tax returns, and financial statements. While the preceding year's return was accepted showing cash-in-hand availability, the current submissions lacked material evidence. The tribunal directed fresh adjudication with reasonable opportunity for the appellant to substantiate cash sources through proper documentation. Ground allowed for statistical purposes. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761580