The ITAT dismissed the Revenue's appeal. The assessee's cash ...

Cash deposits from cash sales to GST-registered customers accepted by ITAT as genuine trading receipts.

December 21, 2024

Case Laws Income Tax AT

The ITAT dismissed the Revenue's appeal. The assessee's cash deposits were held genuine, being directly attributable to the cash sales made in the ordinary course of trading business. The cash sales, though less than 10% of total turnover, were accepted based on confirmations from over 40 GST-registered customers. The AO's additions towards cash deposits resulted in double taxation of the same transaction after assessing the cash sales, which is impermissible. The CIT(A) rightly cancelled the additions.

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The ITAT dismissed the Revenue's appeal. The assessee's cash ...

Cash deposits from cash sales to GST-registered customers accepted by ITAT as genuine trading receipts.

December 21, 2024

Case Laws Income Tax AT

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