https://www.taxtmi.com/caselaws?id=782480 ITAT Surat deleted the addition made under section 68 for unexplained cash credits arising from cash deposits during the demonetization period. It held that the cash deposits were duly recorded in the assessee's books and represented business receipts from recorded sales and debtors. The assessee had produced audited financials, disclosed full turnover, and no discrepancy was found in stock or results, nor was section 145 invoked. Confirmations from debtors and customer lists were uncontroverted. As the cash was already taxed business income, section 68 addition was held unsustainable. en-us Fri, 01 Aug 2025 00:00:00 +0530 Mon, 01 Dec 2025 08:50:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782480 ITAT Surat deleted the addition made under section 68 for unexplained cash credits arising from cash deposits during the demonetization period. It held that the cash deposits were duly recorded in the assessee's books and represented business receipts from recorded sales and debtors. The assessee had produced audited financials, disclosed full turnover, and no discrepancy was found in stock or results, nor was section 145 invoked. Confirmations from debtors and customer lists were uncontroverted. As the cash was already taxed business income, section 68 addition was held unsustainable. Case-Laws Income Tax Fri, 01 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782480