https://www.taxtmi.com/caselaws?id=772774 The ITAT Kolkata dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash deposits. The AO had added cash deposits to the assessee's income, arguing no available cash source from salary, interest, and director's remuneration. However, the assessee demonstrated Rs. 80 lacs cash availability as director in a company, reflected in the company's balance sheet. The Settlement Commission had previously accepted this explanation under section 245D(4). The CIT(A) had deleted the addition after considering these facts and the Settlement Commission's order. The ITAT upheld the CIT(A)'s decision, finding the cash deposits adequately explained. en-us Thu, 24 Apr 2025 00:00:00 +0530 Fri, 13 Jun 2025 08:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772774 The ITAT Kolkata dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash deposits. The AO had added cash deposits to the assessee's income, arguing no available cash source from salary, interest, and director's remuneration. However, the assessee demonstrated Rs. 80 lacs cash availability as director in a company, reflected in the company's balance sheet. The Settlement Commission had previously accepted this explanation under section 245D(4). The CIT(A) had deleted the addition after considering these facts and the Settlement Commission's order. The ITAT upheld the CIT(A)'s decision, finding the cash deposits adequately explained. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772774