https://www.taxtmi.com/caselaws?id=767017 ITAT Delhi allowed the appeal and deleted additions made under section 68 for unexplained cash deposits during demonetization. The assessee provided documentary evidence including audited financial statements, stock registers, and cash books to explain cash deposits from sales made on 08/11/2016. The AO and CIT(A) failed to identify specific defects in the books or rebut the evidence provided. Since the cash deposits were from genuine sales accepted by authorities, the addition for unexplained credits was unjustified. Consequently, the related addition for stock undervaluation was also deleted as it was based on the same cash deposits. en-us Wed, 05 Mar 2025 00:00:00 +0530 Sat, 08 Mar 2025 08:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767017 ITAT Delhi allowed the appeal and deleted additions made under section 68 for unexplained cash deposits during demonetization. The assessee provided documentary evidence including audited financial statements, stock registers, and cash books to explain cash deposits from sales made on 08/11/2016. The AO and CIT(A) failed to identify specific defects in the books or rebut the evidence provided. Since the cash deposits were from genuine sales accepted by authorities, the addition for unexplained credits was unjustified. Consequently, the related addition for stock undervaluation was also deleted as it was based on the same cash deposits. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767017