Cash Deposits Duly Recorded in Books Cannot Be Taxed as Unexplained Money Without Rejecting Accounts: ITAT

The ITAT ruled that cash deposits properly recorded in books cannot be taxed as unexplained money without rejecting the books of accounts. The tribunal emphasized that mere cash deposits don't justify additions under Section 69A unless the accounts are found unreliable. This decision provides clarity on the burden of proof in cash deposit cases and prevents arbitrary tax demands when taxpayers maintain proper documentation of transactions.