https://www.taxtmi.com/caselaws?id=777675 ITAT JAIPUR held that unexplained bank deposits could not be treated as unexplained credit under s.68 where the receipts were supported by regular, audited books showing cash sales. The AO's partial acceptance of sales evidence and simultaneous addition under s.68 resulted in double taxation and was founded on conjecture. The record showed no challenge to stock or purchase records and deposits corresponded to cash sales before demonetization and during festival period. The addition under s.68 was deleted and the assessee's appeal allowed. en-us Wed, 13 Aug 2025 00:00:00 +0530 Wed, 03 Sep 2025 08:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777675 ITAT JAIPUR held that unexplained bank deposits could not be treated as unexplained credit under s.68 where the receipts were supported by regular, audited books showing cash sales. The AO's partial acceptance of sales evidence and simultaneous addition under s.68 resulted in double taxation and was founded on conjecture. The record showed no challenge to stock or purchase records and deposits corresponded to cash sales before demonetization and during festival period. The addition under s.68 was deleted and the assessee's appeal allowed. Case-Laws Income Tax Wed, 13 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777675