https://www.taxtmi.com/caselaws?id=772451 ITAT Ahmedabad dismissed Revenue's appeal regarding addition under Section 68 for unexplained cash credit during demonetization period. The Tribunal held that since the AO accepted sales and stocks without rejecting books of accounts under Section 145(3), the same income cannot be treated as unexplained credit under Section 68. However, the Tribunal upheld disallowance of salary expenses totaling Rs. 10,80,000 paid to three employees as lump sum payments at year-end without TDS deduction and without evidence of employees declaring this income in their returns. en-us Thu, 29 May 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772451 ITAT Ahmedabad dismissed Revenue's appeal regarding addition under Section 68 for unexplained cash credit during demonetization period. The Tribunal held that since the AO accepted sales and stocks without rejecting books of accounts under Section 145(3), the same income cannot be treated as unexplained credit under Section 68. However, the Tribunal upheld disallowance of salary expenses totaling Rs. 10,80,000 paid to three employees as lump sum payments at year-end without TDS deduction and without evidence of employees declaring this income in their returns. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772451