https://www.taxtmi.com/caselaws?id=761905 ITAT Chennai dismissed Revenue's appeal regarding unexplained cash credit under Section 68. The assessee deposited Rs. 3.05 crores in specified bank notes during demonetization period. CIT(A) deleted the addition after accepting assessee's explanation that cash receipts from sales, debtor realizations matched VAT returns. ITAT upheld this finding, noting turnover increased from Rs. 383 crores to Rs. 810 crores, cash generation was explained through legitimate business operations, books weren't rejected, and no unaccounted cash was introduced. Following TamilNadu State Marketing Corporation precedent, specified bank notes cannot be added when source is properly explained. en-us Fri, 25 Oct 2024 00:00:00 +0530 Tue, 19 Nov 2024 09:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761905 ITAT Chennai dismissed Revenue's appeal regarding unexplained cash credit under Section 68. The assessee deposited Rs. 3.05 crores in specified bank notes during demonetization period. CIT(A) deleted the addition after accepting assessee's explanation that cash receipts from sales, debtor realizations matched VAT returns. ITAT upheld this finding, noting turnover increased from Rs. 383 crores to Rs. 810 crores, cash generation was explained through legitimate business operations, books weren't rejected, and no unaccounted cash was introduced. Following TamilNadu State Marketing Corporation precedent, specified bank notes cannot be added when source is properly explained. Case-Laws Income Tax Fri, 25 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761905