https://www.taxtmi.com/caselaws?id=401051 The ITAT partially allowed the appeal, ruling that the addition of unexplained cash credit under section 68 of the Income-tax Act was unjustified as the appellant substantiated the trade credit nature of transactions with M/s. Satadal Rice Mill. The rejection of purchases from the same entity led to a 4% Gross Profit addition instead of the disputed amount, emphasizing the need for proper documentation. The decision underscored the importance of maintaining accurate records and providing evidence in tax assessments to prevent unwarranted additions. en-us Fri, 05 Jun 2020 00:00:00 +0530 Thu, 26 Nov 2020 10:52:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401051 The ITAT partially allowed the appeal, ruling that the addition of unexplained cash credit under section 68 of the Income-tax Act was unjustified as the appellant substantiated the trade credit nature of transactions with M/s. Satadal Rice Mill. The rejection of purchases from the same entity led to a 4% Gross Profit addition instead of the disputed amount, emphasizing the need for proper documentation. The decision underscored the importance of maintaining accurate records and providing evidence in tax assessments to prevent unwarranted additions. Case-Laws Income Tax Fri, 05 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401051