https://www.taxtmi.com/caselaws?id=792897 Cash deposits during the demonetisation period were explained as recorded business receipts from sales, service income and spare parts transactions, supported by day-wise cash books, invoices, bank statements and reconciliation statements. The audited books were neither rejected nor shown to contain fictitious entries, and the Assessing Officer relied mainly on presumption without contrary material showing unaccounted purchases, on-money receipts or diversion of funds. Once the assessee produced primary records proving the nature and source of the credits, the burden shifted to the department to rebut the explanation. On those facts, the deposits were not unexplained credits and the section 68 addition was deleted. en-us Fri, 15 May 2026 00:00:00 +0530 Fri, 05 Jun 2026 08:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792897 Cash deposits during the demonetisation period were explained as recorded business receipts from sales, service income and spare parts transactions, supported by day-wise cash books, invoices, bank statements and reconciliation statements. The audited books were neither rejected nor shown to contain fictitious entries, and the Assessing Officer relied mainly on presumption without contrary material showing unaccounted purchases, on-money receipts or diversion of funds. Once the assessee produced primary records proving the nature and source of the credits, the burden shifted to the department to rebut the explanation. On those facts, the deposits were not unexplained credits and the section 68 addition was deleted. Case-Laws Income Tax Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792897