https://www.taxtmi.com/caselaws?id=769698 ITAT Ahmedabad allowed the assessee's appeal against addition u/s 68 for unexplained cash deposits. Despite department's concerns about revised cash books with varying opening balances, regular cash withdrawals despite substantial cash in hand, and allegedly meager household expenses, the tribunal found the assessee adequately explained the source of deposits through regular bank withdrawals. The department failed to prove cash withdrawals were utilized elsewhere or critically analyze the cash book showing higher household expenses. Without specific findings on cash utilization, no addition could be made on mere assumptions. en-us Wed, 12 Mar 2025 00:00:00 +0530 Tue, 29 Apr 2025 17:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769698 ITAT Ahmedabad allowed the assessee's appeal against addition u/s 68 for unexplained cash deposits. Despite department's concerns about revised cash books with varying opening balances, regular cash withdrawals despite substantial cash in hand, and allegedly meager household expenses, the tribunal found the assessee adequately explained the source of deposits through regular bank withdrawals. The department failed to prove cash withdrawals were utilized elsewhere or critically analyze the cash book showing higher household expenses. Without specific findings on cash utilization, no addition could be made on mere assumptions. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769698