https://www.taxtmi.com/caselaws?id=765211 The ITAT Chandigarh allowed the Assessee's appeal, overturning the CIT(A)'s decision that confirmed a Rs. 32 lacs addition to the Assessee's income as undisclosed sources. The Tribunal found the Assessee's explanation credible, supported by sales tax/VAT returns, indicating the cash deposits were from discounted sales of opening stock due to business cessation. The Revenue failed to effectively challenge this claim. The Tribunal directed the deletion of the addition, ruling the Assessing Officer's decision unjustified. en-us Tue, 03 Dec 2024 00:00:00 +0530 Tue, 28 Jan 2025 08:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765211 The ITAT Chandigarh allowed the Assessee's appeal, overturning the CIT(A)'s decision that confirmed a Rs. 32 lacs addition to the Assessee's income as undisclosed sources. The Tribunal found the Assessee's explanation credible, supported by sales tax/VAT returns, indicating the cash deposits were from discounted sales of opening stock due to business cessation. The Revenue failed to effectively challenge this claim. The Tribunal directed the deletion of the addition, ruling the Assessing Officer's decision unjustified. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765211