Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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.
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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