Addition u/s. 68 towards cash deposit in bank not sustained as source explained: ITAT Jaipur

ITO Vs Vasudev Hemrajani (ITAT Jaipur) ITAT Jaipur held that addition under section 68 towards cash deposit in bank as unexplained cannot be sustained since source of cash deposited duly explained. Accordingly, addition of around Rs. 8.60 Crores deleted. Facts- Revenue has preferred present appeal mainly contesting that CIT (A) has erred in deleting the addition made by the AO of Rs. 8,60,03,806/- u/s 68 of the Income Tax Act, 1961 cash deposited in assessee’s bank account during the year under consideration applying the provisions of section 115BBE of the Income Tax Act, 1961 ignoring ...