https://www.taxtmi.com/caselaws?id=308739 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4.85 crores as unexplained cash credit, ruling that the cash deposits were proceeds from genuine cash sales of gold and diamond ornaments before demonetization. The Tribunal found the sales were properly recorded, supported by stock registers, and reported in VAT returns, dismissing the revenue's appeal. The Tribunal emphasized that lack of customer responses and non-filing of returns were irrelevant, citing precedents that cash sales with proper documentation should not be doubted. en-us Tue, 11 Oct 2022 00:00:00 +0530 Mon, 17 Jul 2023 21:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308739 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 4.85 crores as unexplained cash credit, ruling that the cash deposits were proceeds from genuine cash sales of gold and diamond ornaments before demonetization. The Tribunal found the sales were properly recorded, supported by stock registers, and reported in VAT returns, dismissing the revenue's appeal. The Tribunal emphasized that lack of customer responses and non-filing of returns were irrelevant, citing precedents that cash sales with proper documentation should not be doubted. Case-Laws Income Tax Tue, 11 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308739