ITAT Deletes Rs.35 Lakh Addition as Unexplained Cash Credit due to Lack of Legal Basis

The ITAT deleted an addition of unexplained cash credit due to lack of legal basis. The ITAT found that the addition was not supported by proper evidence or legal grounds. The decision provides relief to taxpayers and reinforces the importance of proper legal basis in tax assessments. The ruling highlights the need for proper documentation and evidence in tax disputes. This case underscores the importance of following established guidelines in tax adjudication.