https://www.taxtmi.com/caselaws?id=783201 ITAT held that the cash deposits in the HDFC bank CC account could not be taxed as unexplained cash credit u/s 69A in the hands of the partnership concern, as the business along with all assets and liabilities, including the cash credit account, had been taken over by a proprietary concern of one of the partners under a valid agreement. The deposits were duly recorded as sales in the books and balance sheet of the proprietary concern, establishing an explained source. ITAT ruled that the same income cannot be assessed twice and that s.69A was inapplicable on these facts, thereby allowing the assessee's appeal and deleting the addition. en-us Tue, 09 Dec 2025 00:00:00 +0530 Thu, 11 Dec 2025 08:55:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783201 ITAT held that the cash deposits in the HDFC bank CC account could not be taxed as unexplained cash credit u/s 69A in the hands of the partnership concern, as the business along with all assets and liabilities, including the cash credit account, had been taken over by a proprietary concern of one of the partners under a valid agreement. The deposits were duly recorded as sales in the books and balance sheet of the proprietary concern, establishing an explained source. ITAT ruled that the same income cannot be assessed twice and that s.69A was inapplicable on these facts, thereby allowing the assessee's appeal and deleting the addition. Case-Laws Income Tax Tue, 09 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783201