https://www.taxtmi.com/caselaws?id=768121 ITAT held that unexplained bank deposits were sufficiently explained by the assessee who maintained proper audited books of accounts and stock registers. The assessee had adequate closing cash to make the deposits, with sales supported by invoices and purchases made through banking channels before the relevant date. The AO failed to reject the books or point out specific defects, merely applying a mathematical formula without evidence of non-genuine sales. The revenue failed to discharge its onus to controvert the assessee's explanation with adverse evidence. Addition would constitute impermissible double taxation as sales were already credited in P&L and VAT returns. Appeal decided in favor of assessee. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768121 ITAT held that unexplained bank deposits were sufficiently explained by the assessee who maintained proper audited books of accounts and stock registers. The assessee had adequate closing cash to make the deposits, with sales supported by invoices and purchases made through banking channels before the relevant date. The AO failed to reject the books or point out specific defects, merely applying a mathematical formula without evidence of non-genuine sales. The revenue failed to discharge its onus to controvert the assessee's explanation with adverse evidence. Addition would constitute impermissible double taxation as sales were already credited in P&L and VAT returns. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768121