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Sales receipts duly recorded in the books, supported by sales...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure additions.
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Sales receipts duly recorded in the books, supported by sales details and profit disclosures, and accepted as income cannot also be treated as unexplained cash credits. The Tribunal's undisputed factual finding on those matters supported deletion of the cash-credit addition. As the alleged commission expenditure addition was consequential to that unsustainable cash-credit addition, it lacked an independent basis. The High Court found no substantial question of law and dismissed the revenue's appeal.
Sales receipts duly recorded in the books, supported by sales details and profit disclosures, and accepted as income cannot also be treated as unexplained cash credits. The Tribunal's undisputed factual finding on those matters supported deletion of the cash-credit addition. As the alleged commission expenditure addition was consequential to that unsustainable cash-credit addition, it lacked an independent basis. The High Court found no substantial question of law and dismissed the revenue's appeal.
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