https://www.taxtmi.com/caselaws?id=791685 Where bank receipts from the milk union through banking channels were accepted and supported by milk bills and bank statements, an addition under section 69C could not be sustained merely because the subsequent cash withdrawals were not traced to each individual disbursement. The assessment did not dispute the source of the deposits; it only questioned the utilisation of the withdrawn cash and the fact that it was withdrawn through one person. In the context of a milk co-operative society's receipt-and-distribution business model, the withdrawals were part of regular business operations, so the explanation remained acceptable and the addition was deleted. en-us Thu, 09 Apr 2026 00:00:00 +0530 Fri, 15 May 2026 09:15:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791685 Where bank receipts from the milk union through banking channels were accepted and supported by milk bills and bank statements, an addition under section 69C could not be sustained merely because the subsequent cash withdrawals were not traced to each individual disbursement. The assessment did not dispute the source of the deposits; it only questioned the utilisation of the withdrawn cash and the fact that it was withdrawn through one person. In the context of a milk co-operative society's receipt-and-distribution business model, the withdrawals were part of regular business operations, so the explanation remained acceptable and the addition was deleted. Case-Laws Income Tax Thu, 09 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791685