https://www.taxtmi.com/caselaws?id=764634 The court ruled that the cash deposits of Rs. 1,00,95,750/- in the assessee's bank account were adequately explained as proceeds from legitimate business activities, including the sale of fruits and vegetables and commission income. Consequently, these deposits were not treated as unexplained cash credit under Section 68 of the Income Tax Act. As the primary issue was resolved in favor of the assessee, the court effectively nullified the need for audit and penalty proceedings under Sections 44AB, 271B, and 271A. The court directed the deletion of the addition made under Section 68, allowing the assessee's appeal. en-us Wed, 08 Jan 2025 00:00:00 +0530 Wed, 15 Jan 2025 07:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764634 The court ruled that the cash deposits of Rs. 1,00,95,750/- in the assessee's bank account were adequately explained as proceeds from legitimate business activities, including the sale of fruits and vegetables and commission income. Consequently, these deposits were not treated as unexplained cash credit under Section 68 of the Income Tax Act. As the primary issue was resolved in favor of the assessee, the court effectively nullified the need for audit and penalty proceedings under Sections 44AB, 271B, and 271A. The court directed the deletion of the addition made under Section 68, allowing the assessee's appeal. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764634