https://www.taxtmi.com/caselaws?id=770814 ITAT Delhi allowed the assessee's appeal against addition of unexplained cash deposits. The AO had determined negative peak credit by considering only cash deposits and withdrawals during the year while ignoring the opening balance of Rs. 28,85,000 as on 01.04.2014. The tribunal held that non-consideration of opening balance led to erroneous negative cash balance calculation. Since the assessee adequately explained cash deposits and withdrawals matching with maintained books, the addition was deleted. en-us Fri, 09 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770814 ITAT Delhi allowed the assessee's appeal against addition of unexplained cash deposits. The AO had determined negative peak credit by considering only cash deposits and withdrawals during the year while ignoring the opening balance of Rs. 28,85,000 as on 01.04.2014. The tribunal held that non-consideration of opening balance led to erroneous negative cash balance calculation. Since the assessee adequately explained cash deposits and withdrawals matching with maintained books, the addition was deleted. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770814