https://www.taxtmi.com/caselaws?id=768864 ITAT Surat allowed assessee's appeal against unexplained cash credit addition under section 68. The tribunal found that assessee adequately substantiated cash deposits through opening balance supported by filed returns and bank withdrawals totaling Rs.1,00,000. AO's rejection based solely on small withdrawal amounts was deemed improper without contrary evidence showing alternative cash utilization. Following coordinate bench precedent, the addition was deleted. Consequently, section 115BBE tax levy became inapplicable after deletion of primary addition. en-us Fri, 22 Nov 2024 00:00:00 +0530 Tue, 15 Apr 2025 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768864 ITAT Surat allowed assessee's appeal against unexplained cash credit addition under section 68. The tribunal found that assessee adequately substantiated cash deposits through opening balance supported by filed returns and bank withdrawals totaling Rs.1,00,000. AO's rejection based solely on small withdrawal amounts was deemed improper without contrary evidence showing alternative cash utilization. Following coordinate bench precedent, the addition was deleted. Consequently, section 115BBE tax levy became inapplicable after deletion of primary addition. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768864