https://www.taxtmi.com/caselaws?id=766587 ITAT Bangalore allowed assessee's appeal partly in unexplained cash credit matter u/s 68. Tribunal deleted addition of Rs. 1.57 crore cash deposit in Andhra Bank as assessee provided sale-purchase deed establishing fund flow for property acquisition, and revenue failed to conduct independent inquiry. Similarly deleted additions for cash deposits in cooperative banks totaling Rs. 2.5 crore, noting sufficient cash availability from property sale and withdrawals. However, confirmed Rs. 10 lakh addition from unaccounted credit by shelter company. Deleted Rs. 2.45 lakh addition treating bank instrument as interest income, clarifying it was instrument reference not interest. en-us Thu, 20 Feb 2025 00:00:00 +0530 Fri, 28 Feb 2025 08:23:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766587 ITAT Bangalore allowed assessee's appeal partly in unexplained cash credit matter u/s 68. Tribunal deleted addition of Rs. 1.57 crore cash deposit in Andhra Bank as assessee provided sale-purchase deed establishing fund flow for property acquisition, and revenue failed to conduct independent inquiry. Similarly deleted additions for cash deposits in cooperative banks totaling Rs. 2.5 crore, noting sufficient cash availability from property sale and withdrawals. However, confirmed Rs. 10 lakh addition from unaccounted credit by shelter company. Deleted Rs. 2.45 lakh addition treating bank instrument as interest income, clarifying it was instrument reference not interest. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766587