https://www.taxtmi.com/caselaws?id=789555 A cooperative thrift and credit society's member deposits and cash deposits supported by its books could not be treated as unexplained credits under section 68 merely by questioning the closing balance. The records showed that the deposits and repayments were entered in the books, with member-wise details and cash-book support, so the source of the credits was traceable to transactions with members. The addition was therefore unsustainable to the extent made, because section 68 requires a realistic appraisal of the nature of the transactions and the documentary record rather than a mechanical demand for further proof of already recorded small-denomination deposits. en-us Thu, 12 Feb 2026 00:00:00 +0530 Fri, 10 Apr 2026 09:00:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789555 A cooperative thrift and credit society's member deposits and cash deposits supported by its books could not be treated as unexplained credits under section 68 merely by questioning the closing balance. The records showed that the deposits and repayments were entered in the books, with member-wise details and cash-book support, so the source of the credits was traceable to transactions with members. The addition was therefore unsustainable to the extent made, because section 68 requires a realistic appraisal of the nature of the transactions and the documentary record rather than a mechanical demand for further proof of already recorded small-denomination deposits. Case-Laws Income Tax Thu, 12 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789555