https://www.taxtmi.com/caselaws?id=771139 Unexplained cash deposits under s.68 r/w s.115BBE: the Tribunal held the assessee's explanation of the source could not be accepted for want of supporting evidence, yet the appellate finding that scrap-sale receipts were recorded in regular books required verification, especially since bank statements were not produced. The CIT(A)'s order on this issue was set aside and the matter remanded to the AO to verify books/financials; if scrap-sale receipts are proved as recorded "Direct Income" and as the source of deposits, the AO must delete the addition. Alleged cash payment: the Tribunal found the CIT(A) wrongly deleted the addition despite the AO having issued a show-cause and considered materials. As the assessee pleaded management change and offered no substantiation, the issue was remanded for AO's reconsideration after furnishing evidences for rebuttal. Revenue's appeal allowed for statistical purposes. en-us Mon, 19 May 2025 00:00:00 +0530 Mon, 05 Jan 2026 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771139 Unexplained cash deposits under s.68 r/w s.115BBE: the Tribunal held the assessee's explanation of the source could not be accepted for want of supporting evidence, yet the appellate finding that scrap-sale receipts were recorded in regular books required verification, especially since bank statements were not produced. The CIT(A)'s order on this issue was set aside and the matter remanded to the AO to verify books/financials; if scrap-sale receipts are proved as recorded "Direct Income" and as the source of deposits, the AO must delete the addition. Alleged cash payment: the Tribunal found the CIT(A) wrongly deleted the addition despite the AO having issued a show-cause and considered materials. As the assessee pleaded management change and offered no substantiation, the issue was remanded for AO's reconsideration after furnishing evidences for rebuttal. Revenue's appeal allowed for statistical purposes. Case-Laws Income Tax Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771139