Section 68 not applies Where Cash Deposits Traceable to Agricultural Loan & Income

Abhishek Shukla Vs ACIT (ITAT Raipur) No Guesswork in Tax: When Bank Confirms Loan & Agri Income, Section 68 Addition Can’t Survive: ITAT Raipur Background Assessee, salaried employee, also engaged in agriculture. AO’s finding: During demonetisation, assessee deposited ₹26,97,000 in cash in HDFC & Dena Bank. AO alleged unexplained cash deposits & made addition u/s 68 of ₹23,82,220. Assessee’s explanation: Cash was from withdrawal of ₹24.40 lakh from KCC loan (April 2016), not utilized, hence redeposited during demonetisation, along with agricultural income. Dena Bankâ€...