https://www.taxtmi.com/caselaws?id=766392 The ITAT Ahmedabad ruled in favor of the assessee on two issues. Regarding addition under Section 68 for unexplained cash deposits, the tribunal found that while the AO added entire deposits as unexplained income, corresponding credit for withdrawals from the same bank account was not given. The tribunal held the additions unsustainable given the assessee's specific facts. On penalty under Section 271(1)(b) for non-appearance, the tribunal deleted the Rs. 10,000 penalty, noting the AO granted only one day for appearance, which was insufficient. en-us Thu, 20 Feb 2025 00:00:00 +0530 Mon, 24 Feb 2025 13:30:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766392 The ITAT Ahmedabad ruled in favor of the assessee on two issues. Regarding addition under Section 68 for unexplained cash deposits, the tribunal found that while the AO added entire deposits as unexplained income, corresponding credit for withdrawals from the same bank account was not given. The tribunal held the additions unsustainable given the assessee's specific facts. On penalty under Section 271(1)(b) for non-appearance, the tribunal deleted the Rs. 10,000 penalty, noting the AO granted only one day for appearance, which was insufficient. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766392