https://www.taxtmi.com/caselaws?id=766660 The Appellate Tribunal reversed the decision of the Commissioner of Income Tax Appeals/NFAC for the Assessment Year 2017-18, concerning an addition of Rs. 52,35,000 by the Assessing Officer under section 68 of the Income Tax Act, 1961. The Tribunal found the Assessee's explanations regarding cash deposits during demonetization credible, noting the regularity of cash withdrawals, audited accounts, and absence of defects in records. It concluded that the Commissioner erred in upholding the addition, thus allowing the Assessee's appeal and deleting the addition made by the Assessing Officer. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766660 The Appellate Tribunal reversed the decision of the Commissioner of Income Tax Appeals/NFAC for the Assessment Year 2017-18, concerning an addition of Rs. 52,35,000 by the Assessing Officer under section 68 of the Income Tax Act, 1961. The Tribunal found the Assessee's explanations regarding cash deposits during demonetization credible, noting the regularity of cash withdrawals, audited accounts, and absence of defects in records. It concluded that the Commissioner erred in upholding the addition, thus allowing the Assessee's appeal and deleting the addition made by the Assessing Officer. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766660