https://www.taxtmi.com/caselaws?id=775096 The ITAT Ahmedabad partially allowed the revenue's appeal against CIT(A)'s relief granted to the assessee regarding unexplained deposits under sections 68/69A. While the CIT(A) had granted substantial relief after analyzing deposit components, the ITAT found several determinations unsustainable without proper verification. The ITAT upheld CIT(A)'s decision only regarding inter-bank transfers between assessee's own accounts, finding these adequately explained with supporting documentation. However, the ITAT restored matters to AO for fresh examination concerning: business receipts worth Rs. 3,64,53,850 due to insufficient verification despite cheque payments and sales register entries; temporary loans of Rs. 15,14,78,000 from various parties lacking adequate scrutiny of creditors' creditworthiness and commercial rationale; cash sales and re-deposit claims requiring field-level verification; and unexplained cash deposits needing date-wise cash flow analysis. The ITAT emphasized that mere documentary evidence without independent verification was insufficient, particularly given allegations of accommodation entries and substantial cash movements requiring deeper scrutiny to establish genuineness. en-us Tue, 15 Jul 2025 00:00:00 +0530 Sat, 19 Jul 2025 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775096 The ITAT Ahmedabad partially allowed the revenue's appeal against CIT(A)'s relief granted to the assessee regarding unexplained deposits under sections 68/69A. While the CIT(A) had granted substantial relief after analyzing deposit components, the ITAT found several determinations unsustainable without proper verification. The ITAT upheld CIT(A)'s decision only regarding inter-bank transfers between assessee's own accounts, finding these adequately explained with supporting documentation. However, the ITAT restored matters to AO for fresh examination concerning: business receipts worth Rs. 3,64,53,850 due to insufficient verification despite cheque payments and sales register entries; temporary loans of Rs. 15,14,78,000 from various parties lacking adequate scrutiny of creditors' creditworthiness and commercial rationale; cash sales and re-deposit claims requiring field-level verification; and unexplained cash deposits needing date-wise cash flow analysis. The ITAT emphasized that mere documentary evidence without independent verification was insufficient, particularly given allegations of accommodation entries and substantial cash movements requiring deeper scrutiny to establish genuineness. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775096