https://www.taxtmi.com/caselaws?id=770544 ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unexplained cash credits during demonetization period. The assessee successfully discharged its burden of proof by providing documentary evidence including party confirmations, PAN details, ledger accounts, and responses to Section 133(6) notices. The court found that cash deposits were from identified parties for credit sales, not unexplained credits. Since books were audited, VAT department accepted sales, and AO found no stock discrepancies, the addition would result in double taxation. Revenue's appeal was dismissed as AO's conclusions were based on conjectures without controverting evidence. en-us Wed, 30 Apr 2025 00:00:00 +0530 Tue, 13 May 2025 09:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770544 ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unexplained cash credits during demonetization period. The assessee successfully discharged its burden of proof by providing documentary evidence including party confirmations, PAN details, ledger accounts, and responses to Section 133(6) notices. The court found that cash deposits were from identified parties for credit sales, not unexplained credits. Since books were audited, VAT department accepted sales, and AO found no stock discrepancies, the addition would result in double taxation. Revenue's appeal was dismissed as AO's conclusions were based on conjectures without controverting evidence. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770544