The ITAT upheld the CIT(A)'s deletion of additions made by the ...

Business profits fairly accepted; unexplained cash deposits allowed based on non-jurisdictional court rulings.

Case Laws Income Tax

October 16, 2024

The ITAT upheld the CIT(A)'s deletion of additions made by the Assessing Officer. Regarding the addition of gross profit (GP) shown by increasing the GP rate, the ITAT found the CIT(A)'s findings logical and justified, as the GP rate was lower than the previous year's rate. On the addition u/s 69A for cash deposited in the bank account, the ITAT accepted the CIT(A)'s reliance on non-jurisdictional High Court decisions in the absence of a jurisdictional High Court order. The ITAT agreed with the CIT(A) that without evidence of bogus sales, sales from accepted purchases and stock cannot be rejected. The ITAT dismissed the Revenue's appeal on both grounds.

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The ITAT upheld the CIT(A)'s deletion of additions made by the ...

Business profits fairly accepted; unexplained cash deposits allowed based on non-jurisdictional court rulings.

Case Laws Income Tax

October 16, 2024

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