Cash Deposit Explained, Books Not Rejected: Section 68 Addition Collapses

DCIT Vs Bajla Motors Private Limited (ITAT Kolkata)

ITAT Kolkata dismissed Revenue’s appeal against deletion of addition of ₹6.52 crore made u/s 68 towards cash deposits in assessee’s bank account. AO alleged unexplained cash deposits without demonstrating how the impugned figure was arrived at, despite accepting audited books of account & not invoking section 145(3).

CIT(A) recorded that cash deposits were fully explained by realization of opening debtors of about ₹4.96 crore, cash realization from current year sales of about ₹4.08 crore & opening cash in

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