https://www.taxtmi.com/caselaws?id=215383 The ITAT, Ahmedabad, ruled in favor of the appellant, a trading firm in electrical goods, in a case involving the addition of Rs.16,50,000 as cash credits and unaccounted income. The ITAT found procedural flaws in the AO's inquiry, discrepancies in evidence, and concluded that the addition was unjustified. The ITAT directed the deletion of the addition and the penalty imposed under section 271(1)(c) of the Income Tax Act, as the impugned addition had been deleted in the quantum appeal. en-us Fri, 22 Jun 2012 00:00:00 +0530 Wed, 01 Aug 2012 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215383 The ITAT, Ahmedabad, ruled in favor of the appellant, a trading firm in electrical goods, in a case involving the addition of Rs.16,50,000 as cash credits and unaccounted income. The ITAT found procedural flaws in the AO's inquiry, discrepancies in evidence, and concluded that the addition was unjustified. The ITAT directed the deletion of the addition and the penalty imposed under section 271(1)(c) of the Income Tax Act, as the impugned addition had been deleted in the quantum appeal. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215383