https://www.taxtmi.com/caselaws?id=469763 Assessment additions based on bank credits could not be sustained without verifying the assessee's reconciliation of internal transfers and receipts from companies, and the nature of the cash deposits and other credits required factual examination. The Assessing Officer had treated bank credits, after excluding cash deposits, as turnover and taxed cash deposits under section 69A without adequate verification of source and nature. Because the record also indicated inadequate opportunity of hearing, the matter was remitted to the Assessing Officer for fresh adjudication after affording the assessee an opportunity to be heard. en-us Mon, 10 Mar 2025 00:00:00 +0530 Thu, 02 Jul 2026 20:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469763 Assessment additions based on bank credits could not be sustained without verifying the assessee's reconciliation of internal transfers and receipts from companies, and the nature of the cash deposits and other credits required factual examination. The Assessing Officer had treated bank credits, after excluding cash deposits, as turnover and taxed cash deposits under section 69A without adequate verification of source and nature. Because the record also indicated inadequate opportunity of hearing, the matter was remitted to the Assessing Officer for fresh adjudication after affording the assessee an opportunity to be heard. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469763