Security Deposits from Contractors Not Cash Credits: ITAT Upholds Deletion of ₹22.61 Cr Addition

ACIT Vs Patil Construction and Infrastructure Limited (ITAT Pune) Security Deposits from Contractors Not Cash Credits: ITAT Upholds Deletion of ₹22.61 Cr Addition The Income Tax Appellate Tribunal, Pune Bench, in ACIT vs Patil Construction and Infrastructure Ltd., upheld deletion of ₹22.61 crore added under Section 68, holding that security deposits/retention money from contractors are genuine trade liabilities and not unexplained cash credits. The Assessing Officer treated deposits from contractors as non-genuine and taxed ₹22.61 crore as unexplained income, alleging lack of identity, c...