https://www.taxtmi.com/caselaws?id=465598 An addition under section 68 for unexplained cash credit was held unsustainable where the assessee's opening balance and past savings were supported by the balance sheet, profit and loss account, and other record showing earlier profits and capital savings. The explanation for the bank deposits was accepted because no defect was found in the accounts, and the amount was traced to stated savings. The addition was deleted, as suspicion arising from demonetisation-related cash deposits was not enough to reject the explanation. en-us Wed, 04 Sep 2019 00:00:00 +0530 Fri, 02 Jan 2026 07:07:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465598 An addition under section 68 for unexplained cash credit was held unsustainable where the assessee's opening balance and past savings were supported by the balance sheet, profit and loss account, and other record showing earlier profits and capital savings. The explanation for the bank deposits was accepted because no defect was found in the accounts, and the amount was traced to stated savings. The addition was deleted, as suspicion arising from demonetisation-related cash deposits was not enough to reject the explanation. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465598