https://www.taxtmi.com/caselaws?id=763747 ITAT Ahmedabad allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The tribunal held that cash deposits in bank account represented legitimate fee collections from students, supported by adequate documentation. The assessee successfully discharged the burden of proving the source of deposits. The addition under Section 68 was deleted as unsustainable. Consequently, application of Section 115BBE and penalty initiation under Section 271AAC were also set aside in favor of the assessee. en-us Mon, 09 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763747 ITAT Ahmedabad allowed the assessee's appeal against addition under Section 68 for unexplained cash credit. The tribunal held that cash deposits in bank account represented legitimate fee collections from students, supported by adequate documentation. The assessee successfully discharged the burden of proving the source of deposits. The addition under Section 68 was deleted as unsustainable. Consequently, application of Section 115BBE and penalty initiation under Section 271AAC were also set aside in favor of the assessee. Case-Laws Income Tax Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763747