Addition u/s. 68 not sustained as cash deposited out of business receipts: ITAT Mumbai

Shobha Prakash Shetty Vs ACIT (ITAT Mumbai) ITAT Mumbai held that cash deposits were evidently business receipts, in absence of any other evidence of any other undisclosed source of income, the same cannot be considered as unexplained cash credit. Accordingly, addition under section 68 liable to be set aside. Facts- AO found that the assessee had deposited cash of Rs. 92,24,000/- between 09.11.2016 to 30.12.2016 in her bank account with Vijaya Bank during the demonetization period. A survey u/s. 133A of the Act was conducted in this case on 29.03.2017 and during the survey, it was found that t...