Unaccounted Deposits Are Liabilities, Not Income, u/s 68 of the Income Tax Act: ITAT Deletes ₹66 Lakh Addition

The ITAT deleted a ₹66 lakh addition under Section 68 of the Income Tax Act, holding that unaccounted deposits are liabilities, not income. Section 68 deals with unexplained cash credits. The tribunal reasoned that the deposits in question represented liabilities or borrowings of the assessee and could not be treated as unexplained income without further evidence establishing their income nature. This ruling highlights the distinction between liabilities and income for the purpose of Section 68.