No Section 68 Addition for Explained Cash Deposits in Lender Bank Account

Devki Nandan Maheshwari Vs ACIT (ITAT Delhi) The case of Devki Nandan Maheshwari vs. ACIT (Income Tax Appellate Tribunal, Delhi) revolves around an appeal concerning the assessment year 2016-17. The appellant, Devki Nandan Maheshwari, challenged the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] regarding additions made under Section 68 of the Income Tax Act, 1961, concerning cash deposits in the lender’s bank account. The appellant raised several grounds of appeal, primarily contesting the addition of Rs. 36,00,000 under Section 68 of the Income Tax Act, out of a total ad...