The ITAT Delhi addressed the issue of addition u/s 68 for ...

Cash sales supported by audited books, VAT returns, stock tally cannot be disregarded u/s 68. CIT(A) rightly relied on tribunal judgments.

Case Laws Income Tax

June 4, 2024

The ITAT Delhi addressed the issue of addition u/s 68 for unexplained cash deposits in demonetized currency. The appellant demonstrated substantial cash sales supported by audited books, invoices, VAT records, and stock tally. The CIT(A) confirmed the regularity of cash sales over multiple assessment years. The tribunal found no defects in sales, purchases, or stock records, with substantial cash sales in all years. The AO accepted most sales except for a specific period. The tribunal upheld the CIT(A)'s decision, citing precedents, and dismissed the Revenue's appeal after thorough review of the record and arguments.

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The ITAT Delhi addressed the issue of addition u/s 68 for ...

Cash sales supported by audited books, VAT returns, stock tally cannot be disregarded u/s 68. CIT(A) rightly relied on tribunal judgments.

Case Laws Income Tax

June 4, 2024

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