https://www.taxtmi.com/caselaws?id=769079 ITAT Hyderabad allowed the assessee's appeal against additions made under Section 68 for unexplained cash credits during demonetization period. The tribunal held that the AO wrongly disbelieved the assessee's explanation for increased cash deposits in November 2016, noting that the assessee had provided valid reasons for increased sales and maintained proper sale bills. The AO's conclusion was based on assumptions rather than facts, failing to appreciate that sales are unpredictable and the assessee had sufficient cash as per books. CIT(A) erred in sustaining the additions without considering relevant facts. The tribunal directed deletion of additions made towards cash deposits. en-us Wed, 16 Apr 2025 00:00:00 +0530 Fri, 18 Apr 2025 08:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769079 ITAT Hyderabad allowed the assessee's appeal against additions made under Section 68 for unexplained cash credits during demonetization period. The tribunal held that the AO wrongly disbelieved the assessee's explanation for increased cash deposits in November 2016, noting that the assessee had provided valid reasons for increased sales and maintained proper sale bills. The AO's conclusion was based on assumptions rather than facts, failing to appreciate that sales are unpredictable and the assessee had sufficient cash as per books. CIT(A) erred in sustaining the additions without considering relevant facts. The tribunal directed deletion of additions made towards cash deposits. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769079