https://www.taxtmi.com/caselaws?id=770462 ITAT Raipur dismissed addition u/s 68 for unexplained cash credits where AO re-characterized genuine sales as unexplained credits. CIT(A) found AO's action arbitrary as sales genuineness was undisputed, stock records were maintained, customer details were provided, and assessee offered verification of receipts. AO accepted returned income from same sales transactions but simultaneously treated them as unexplained credits without proper inquiry. Cash deposits during demonetization alone cannot justify adverse inference without substantial material proving failure to explain source. ITAT upheld CIT(A)'s deletion of addition, ruling in assessee's favor. en-us Mon, 23 Dec 2024 00:00:00 +0530 Fri, 09 May 2025 13:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770462 ITAT Raipur dismissed addition u/s 68 for unexplained cash credits where AO re-characterized genuine sales as unexplained credits. CIT(A) found AO's action arbitrary as sales genuineness was undisputed, stock records were maintained, customer details were provided, and assessee offered verification of receipts. AO accepted returned income from same sales transactions but simultaneously treated them as unexplained credits without proper inquiry. Cash deposits during demonetization alone cannot justify adverse inference without substantial material proving failure to explain source. ITAT upheld CIT(A)'s deletion of addition, ruling in assessee's favor. Case-Laws Income Tax Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770462