https://www.taxtmi.com/caselaws?id=784921 Whether bank cash deposits constituted unexplained cash credits under s.69: ITAT held that the assessee furnished contemporaneous bank statements, cash book and sales register showing deposits broadly matching disclosed turnover, with regular withdrawals used for purchases; AO/Revenue produced no positive material to controvert origin of deposits and remand report contained no adverse finding of fabrication or non-carrying on of business. Given the assessee's small kirana business and presumptive cover under s.44AD, technical absence of VAT returns/purchase bills did not render the explanation inadmissible. Outcome: addition u/s 69 quashed and appeal allowed. en-us Tue, 25 Nov 2025 00:00:00 +0530 Wed, 14 Jan 2026 08:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784921 Whether bank cash deposits constituted unexplained cash credits under s.69: ITAT held that the assessee furnished contemporaneous bank statements, cash book and sales register showing deposits broadly matching disclosed turnover, with regular withdrawals used for purchases; AO/Revenue produced no positive material to controvert origin of deposits and remand report contained no adverse finding of fabrication or non-carrying on of business. Given the assessee's small kirana business and presumptive cover under s.44AD, technical absence of VAT returns/purchase bills did not render the explanation inadmissible. Outcome: addition u/s 69 quashed and appeal allowed. Case-Laws Income Tax Tue, 25 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784921