https://www.taxtmi.com/caselaws?id=465571 Whether cash deposits in the bank could be assessed as unexplained money under s.69A/s.68 despite the assessee's claim that they represented recorded sale proceeds was the dominant issue. The Tribunal held that the AO gave no reasons for rejecting the explanation, did not dispute purchases, sales, stock or cash-in-hand, and pointed out no defects in the audited books nor rejected the books of account. In these circumstances, cash deposits could not be treated as unexplained merely on suspicion; even otherwise, higher cash sales during demonetisation cannot alone justify an addition when entries reconcile with stock and books. Consequently, the addition made under s.68 (recast as s.69A by the CIT(A)) was deleted and the assessee's appeal was allowed. en-us Fri, 07 Feb 2025 00:00:00 +0530 Wed, 31 Dec 2025 13:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465571 Whether cash deposits in the bank could be assessed as unexplained money under s.69A/s.68 despite the assessee's claim that they represented recorded sale proceeds was the dominant issue. The Tribunal held that the AO gave no reasons for rejecting the explanation, did not dispute purchases, sales, stock or cash-in-hand, and pointed out no defects in the audited books nor rejected the books of account. In these circumstances, cash deposits could not be treated as unexplained merely on suspicion; even otherwise, higher cash sales during demonetisation cannot alone justify an addition when entries reconcile with stock and books. Consequently, the addition made under s.68 (recast as s.69A by the CIT(A)) was deleted and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465571