https://www.taxtmi.com/caselaws?id=778690 ITAT allowed the appeal: additions under section 68 relating to an interest-free security deposit and closing balance were deleted after the assessee proved identity, creditworthiness and genuineness of the deposits by ledger confirmations and bank statements and showed source of funds; AO and CIT(A) failed to controvert or further investigate. A separate section 68 addition for a closing balance from another payer was likewise deleted. Disallowance under section 37(1) was also deleted because the challenged expenses related to prior years and formed part of opening stock sold in the relevant year. en-us Fri, 17 Jan 2025 00:00:00 +0530 Thu, 18 Sep 2025 12:17:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778690 ITAT allowed the appeal: additions under section 68 relating to an interest-free security deposit and closing balance were deleted after the assessee proved identity, creditworthiness and genuineness of the deposits by ledger confirmations and bank statements and showed source of funds; AO and CIT(A) failed to controvert or further investigate. A separate section 68 addition for a closing balance from another payer was likewise deleted. Disallowance under section 37(1) was also deleted because the challenged expenses related to prior years and formed part of opening stock sold in the relevant year. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778690