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ITAT allowed the appeal and deleted additions made under Section 68 read with Section 115BBE regarding proceeds from cash sales of metal scrap. The Tribunal held that when sales amounts are already included in audited books of accounts and accepted by Revenue, no further additions can be made without rejecting the books. The assessee provided substantiating documents for cash sales with no defects pointed out by Assessing Officer. Same sales figures were accepted under VAT/GST assessment, precluding differential treatment. Addition was based on surmises without adverse material or independent inquiry. Following precedent in Hirapanna Jewellers case, the Tribunal concluded that additions require rejection of books of accounts, which did not occur here, making the addition unjustified and warranting deletion.
ITAT allowed the appeal and deleted additions made under Section 68 read with Section 115BBE regarding proceeds from cash sales of metal scrap. The Tribunal held that when sales amounts are already included in audited books of accounts and accepted by Revenue, no further additions can be made without rejecting the books. The assessee provided substantiating documents for cash sales with no defects pointed out by Assessing Officer. Same sales figures were accepted under VAT/GST assessment, precluding differential treatment. Addition was based on surmises without adverse material or independent inquiry. Following precedent in Hirapanna Jewellers case, the Tribunal concluded that additions require rejection of books of accounts, which did not occur here, making the addition unjustified and warranting deletion.
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