https://www.taxtmi.com/caselaws?id=766823 ITAT Jaipur allowed the appeal in a case involving addition under Section 68 for unexplained credits discovered during search proceedings at the husband's premises. The Tribunal found that the disputed transactions were already recorded in both the husband's books and the assessee's bank statements. Since the husband had filed returns declaring these transactions without any scrutiny or reassessment by the AO, and the ledger entries represented transfers from the husband's proprietorship concern without financial implications, they could not constitute unexplained cash credits under Section 68. The assessment order and CIT(A) order were set aside. Additional grounds regarding DIN number, digital signature, and Section 153D approval were not addressed as the appeal was allowed on merits. en-us Tue, 22 Oct 2024 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766823 ITAT Jaipur allowed the appeal in a case involving addition under Section 68 for unexplained credits discovered during search proceedings at the husband's premises. The Tribunal found that the disputed transactions were already recorded in both the husband's books and the assessee's bank statements. Since the husband had filed returns declaring these transactions without any scrutiny or reassessment by the AO, and the ledger entries represented transfers from the husband's proprietorship concern without financial implications, they could not constitute unexplained cash credits under Section 68. The assessment order and CIT(A) order were set aside. Additional grounds regarding DIN number, digital signature, and Section 153D approval were not addressed as the appeal was allowed on merits. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766823