https://www.taxtmi.com/caselaws?id=762211 ITAT Raipur upheld additions under section 68 for unexplained cash credits and rejected books of accounts. During demonetization period, assessee made cash deposits of Rs. 75.69 lacs (81% of total turnover of Rs. 93.17 lacs) between November-December 2016. Transactions were primarily with unidentifiable buyers without PAN and sister concerns that could not be located during verification. Assessee failed to provide adequate explanations for fictitious purchase/sale transactions and personal cash deposits. CIT(A) correctly confirmed additions, and section 115BBE provisions were held applicable. Appeal dismissed. en-us Thu, 21 Nov 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762211 ITAT Raipur upheld additions under section 68 for unexplained cash credits and rejected books of accounts. During demonetization period, assessee made cash deposits of Rs. 75.69 lacs (81% of total turnover of Rs. 93.17 lacs) between November-December 2016. Transactions were primarily with unidentifiable buyers without PAN and sister concerns that could not be located during verification. Assessee failed to provide adequate explanations for fictitious purchase/sale transactions and personal cash deposits. CIT(A) correctly confirmed additions, and section 115BBE provisions were held applicable. Appeal dismissed. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762211