https://www.taxtmi.com/caselaws?id=763529 ITAT Bangalore ruled in favor of assessee engaged in computer peripherals business who deposited Specified Bank Notes post-demonetisation. Despite assessee lacking authorization to receive SBNs, the tribunal found no basis for addition under Section 68 as unexplained cash credits. Assessee maintained proper books showing sales as source of deposited cash and offered amount as income. AO and CIT(A) failed to investigate sales records. Following SC precedent in Sreelekha Banerjee case, tribunal held that when sales source remains undisputed, no addition warranted. Addition deleted, appeal allowed. en-us Thu, 19 Dec 2024 00:00:00 +0530 Sat, 21 Dec 2024 08:53:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763529 ITAT Bangalore ruled in favor of assessee engaged in computer peripherals business who deposited Specified Bank Notes post-demonetisation. Despite assessee lacking authorization to receive SBNs, the tribunal found no basis for addition under Section 68 as unexplained cash credits. Assessee maintained proper books showing sales as source of deposited cash and offered amount as income. AO and CIT(A) failed to investigate sales records. Following SC precedent in Sreelekha Banerjee case, tribunal held that when sales source remains undisputed, no addition warranted. Addition deleted, appeal allowed. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763529