https://www.taxtmi.com/caselaws?id=764990 The ITAT Indore ruled in favor of the assessee regarding unexplained cash credit under section 68. The tribunal found that cash deposits during demonetization were adequately explained through debtor collections and high business activity during the festive period. The assessee provided supporting documents including ledger accounts and VAT sale bills. The tribunal held that once books of accounts are rejected under section 145, additions under section 68 cannot be made, citing the Dulla Ram precedent. The addition made by the AO was found legally untenable. en-us Mon, 20 Jan 2025 00:00:00 +0530 Wed, 22 Jan 2025 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764990 The ITAT Indore ruled in favor of the assessee regarding unexplained cash credit under section 68. The tribunal found that cash deposits during demonetization were adequately explained through debtor collections and high business activity during the festive period. The assessee provided supporting documents including ledger accounts and VAT sale bills. The tribunal held that once books of accounts are rejected under section 145, additions under section 68 cannot be made, citing the Dulla Ram precedent. The addition made by the AO was found legally untenable. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764990