https://www.taxtmi.com/caselaws?id=468816 Bank credits were treated as unexplained under section 68, but the assessee produced a breakup and supporting books showing that the amounts represented accounting income, bank interest, salary, client receipts, reimbursements, journal entries and inter-account transfers. As the credited sums were reflected in the books or explained as related receipts and transfers, the basis for treating the entire credit as unexplained was rejected. The addition under section 68 was therefore held unsustainable and deleted in favour of the assessee. en-us Tue, 11 Feb 2025 00:00:00 +0530 Thu, 21 May 2026 18:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468816 Bank credits were treated as unexplained under section 68, but the assessee produced a breakup and supporting books showing that the amounts represented accounting income, bank interest, salary, client receipts, reimbursements, journal entries and inter-account transfers. As the credited sums were reflected in the books or explained as related receipts and transfers, the basis for treating the entire credit as unexplained was rejected. The addition under section 68 was therefore held unsustainable and deleted in favour of the assessee. Case-Laws Income Tax Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468816