https://www.taxtmi.com/caselaws?id=469997 Cash deposited during demonetisation could not be treated as unexplained cash credit under section 68 where the assessee maintained regular books, and no defect was found in the cash book, sales register, purchase register, bank statements, stock or trading results. The cash sales had already been credited to profit and loss account and accepted in assessment, so taxing the closing cash in hand again would amount to double taxation of the same receipt. In view of the accepted business pattern and substantial sales growth, the addition was held unsustainable and the first appellate relief was upheld. en-us Wed, 12 Mar 2025 00:00:00 +0530 Sat, 11 Jul 2026 15:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469997 Cash deposited during demonetisation could not be treated as unexplained cash credit under section 68 where the assessee maintained regular books, and no defect was found in the cash book, sales register, purchase register, bank statements, stock or trading results. The cash sales had already been credited to profit and loss account and accepted in assessment, so taxing the closing cash in hand again would amount to double taxation of the same receipt. In view of the accepted business pattern and substantial sales growth, the addition was held unsustainable and the first appellate relief was upheld. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469997