https://www.taxtmi.com/caselaws?id=761868 ITAT Jaipur held that addition under section 68 for unexplained cash credit was not sustainable. The assessee was scrutinized for cash deposits during demonetization period. The tribunal found that while the AO accepted part of the sales based on evidence, the same evidence was rejected for other sales without proper justification. The addition was based merely on presumption and assumption without establishing the assessee's failure to prove the transactions. The tribunal directed deletion of the addition and allowed the assessee's appeal. en-us Fri, 27 Sep 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761868 ITAT Jaipur held that addition under section 68 for unexplained cash credit was not sustainable. The assessee was scrutinized for cash deposits during demonetization period. The tribunal found that while the AO accepted part of the sales based on evidence, the same evidence was rejected for other sales without proper justification. The addition was based merely on presumption and assumption without establishing the assessee's failure to prove the transactions. The tribunal directed deletion of the addition and allowed the assessee's appeal. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761868