https://www.taxtmi.com/caselaws?id=772206 Tribunal ruled on tax reassessment proceedings involving unexplained cash deposits under Section 68 of Income Tax Act. The appeal was allowed, with Rs. 88,91,412/- addition deleted. Key reasoning was that assessee filed under Section 44AD, did not maintain formal books of account, and bank passbooks do not qualify as accounting records. While deposits lacked complete documentary evidence, the Tribunal found the Section 68 invocation legally untenable due to procedural deficiencies. en-us Fri, 30 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772206 Tribunal ruled on tax reassessment proceedings involving unexplained cash deposits under Section 68 of Income Tax Act. The appeal was allowed, with Rs. 88,91,412/- addition deleted. Key reasoning was that assessee filed under Section 44AD, did not maintain formal books of account, and bank passbooks do not qualify as accounting records. While deposits lacked complete documentary evidence, the Tribunal found the Section 68 invocation legally untenable due to procedural deficiencies. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772206