https://www.taxtmi.com/caselaws?id=764100 ITAT Raipur allowed the assessee's appeal against addition under section 68 for unexplained cash credit relating to bank deposits during demonetization period. The tribunal held that since the AO accepted the company's books of accounts and adopted net profit from P&L account for assessment, he could not simultaneously reject the explanation that cash deposits were sourced from business receipts recorded in the same books. The AO cannot accept book results while rejecting duly accounted business transactions explaining cash availability. Cash-in-hand of Rs. 12,00,442.54 on 08.11.2016 was consistent with pre and post-demonetization periods, supporting the assessee's claim that deposits were from legitimate business cash-in-hand. en-us Thu, 19 Dec 2024 00:00:00 +0530 Fri, 03 Jan 2025 08:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764100 ITAT Raipur allowed the assessee's appeal against addition under section 68 for unexplained cash credit relating to bank deposits during demonetization period. The tribunal held that since the AO accepted the company's books of accounts and adopted net profit from P&L account for assessment, he could not simultaneously reject the explanation that cash deposits were sourced from business receipts recorded in the same books. The AO cannot accept book results while rejecting duly accounted business transactions explaining cash availability. Cash-in-hand of Rs. 12,00,442.54 on 08.11.2016 was consistent with pre and post-demonetization periods, supporting the assessee's claim that deposits were from legitimate business cash-in-hand. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764100