https://www.taxtmi.com/caselaws?id=469616 Cash deposits arising from recorded cash sales in regularly maintained books were not liable to be treated as unexplained cash credit under section 68 because the assessee maintained a day-wise cash book, the sales were reflected in VAT returns, and no defect was found in the books or in the declared turnover. The tribunal noted that the deposits were explained as business receipts and formed only a small part of the cash generated during the year. As the basic condition for invoking section 68 was not met, the addition was deleted in favour of the assessee. en-us Tue, 07 May 2024 00:00:00 +0530 Wed, 24 Jun 2026 17:15:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469616 Cash deposits arising from recorded cash sales in regularly maintained books were not liable to be treated as unexplained cash credit under section 68 because the assessee maintained a day-wise cash book, the sales were reflected in VAT returns, and no defect was found in the books or in the declared turnover. The tribunal noted that the deposits were explained as business receipts and formed only a small part of the cash generated during the year. As the basic condition for invoking section 68 was not met, the addition was deleted in favour of the assessee. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469616