https://www.taxtmi.com/caselaws?id=762128 ITAT Mumbai-AT allowed the assessee's appeal and deleted the addition made under Section 68. The AO had rejected the cash book as fabricated and treated cash deposits as unexplained, despite the appellant declaring 50% of the amount under PMGKY 2016 scheme. The Tribunal found the AO unjustified in rejecting the cash book without pointing specific defects, noting the consistent pattern of cash sales, reasonable cash holdings for a widow operating a retail liquor business, and audited accounts by qualified CA. The cash deposits were held to be legitimate business receipts, not unexplained cash credits. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 08:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762128 ITAT Mumbai-AT allowed the assessee's appeal and deleted the addition made under Section 68. The AO had rejected the cash book as fabricated and treated cash deposits as unexplained, despite the appellant declaring 50% of the amount under PMGKY 2016 scheme. The Tribunal found the AO unjustified in rejecting the cash book without pointing specific defects, noting the consistent pattern of cash sales, reasonable cash holdings for a widow operating a retail liquor business, and audited accounts by qualified CA. The cash deposits were held to be legitimate business receipts, not unexplained cash credits. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762128