Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Cash Deposits from Audited Business Books Cannot Be Deemed Unexplained Income : ITAT Delhi
ITAT Delhi rules that cash deposits during demonetization, backed by audited books of accounts and documented sales, cannot be treated as unexplained income under Section 68. The ruling reinforces that tax authorities must consider corroborative evidence before making additions, protecting businesses with compliant record-keeping.