https://www.taxtmi.com/caselaws?id=775960 The ITAT Surat upheld additions under sections 68 and 69A to a dissolved firm due to unexplained credit entries in its bank account. The continued operation of the bank account post-dissolution indicated the firm's ongoing existence for tax purposes. Since the business was carried on under the same PAN and bank account, the entity was required to explain the credits. The assessee failed to provide satisfactory explanations or evidence for the credits, justifying the additions. The decision aligns with the SC ruling in CIT v. P. Mohankala, affirming that unexplained credits warrant additions under section 68. The appeal was dismissed against the assessee. en-us Thu, 31 Jul 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775960 The ITAT Surat upheld additions under sections 68 and 69A to a dissolved firm due to unexplained credit entries in its bank account. The continued operation of the bank account post-dissolution indicated the firm's ongoing existence for tax purposes. Since the business was carried on under the same PAN and bank account, the entity was required to explain the credits. The assessee failed to provide satisfactory explanations or evidence for the credits, justifying the additions. The decision aligns with the SC ruling in CIT v. P. Mohankala, affirming that unexplained credits warrant additions under section 68. The appeal was dismissed against the assessee. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775960