https://www.taxtmi.com/caselaws?id=459177 ITAT Jabalpur upheld addition of Rs. 25 lakhs as unexplained cash credit under Section 68 based on handwritten receipt entries in Ikrarnama signed by assessee. Court rejected assessee's contention that addition was made on presumption, noting clear evidence of cash receipt. Assessee's claim of cancelled Ikrarnama rejected due to lack of supporting documents. However, matter restored to AO for limited verification to determine if Rs. 30 lakhs was returned to the payer, which would affect treatment as unexplained credit versus sale consideration. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 03 Dec 2024 19:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459177 ITAT Jabalpur upheld addition of Rs. 25 lakhs as unexplained cash credit under Section 68 based on handwritten receipt entries in Ikrarnama signed by assessee. Court rejected assessee's contention that addition was made on presumption, noting clear evidence of cash receipt. Assessee's claim of cancelled Ikrarnama rejected due to lack of supporting documents. However, matter restored to AO for limited verification to determine if Rs. 30 lakhs was returned to the payer, which would affect treatment as unexplained credit versus sale consideration. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459177