Cash Deposits Explained in Books, Addition Deleted Without Rejection

Priya Enterprise Vs ITO (ITAT Surat) Cash Deposits and Sundry Creditors Explained in Books – Additions Deleted in Absence of Rejection of Accounts The Surat Bench of the ITAT allowed the assessee’s appeal and deleted additions relating to unexplained cash deposits and sundry creditors. The Tribunal held that the cash deposits in the bank were duly explained with reference to partners’ capital, creditors, and earlier withdrawals, all of which were recorded in the audited books of account. As the Revenue neither found these explanations to be false nor rejected the books of account, the ad...