https://www.taxtmi.com/caselaws?id=441007 The Tribunal allowed the appeal, ruling that the addition of Rs. 24,91,375/- as unexplained cash credit under Section 68 of the Income Tax Act was not justified as the amount had already been taxed as sales in the previous year. The rejection of the books of account without invoking Section 145 was deemed unwarranted. The Tribunal found merit in the assessee's arguments and deleted the addition, emphasizing the risk of double taxation if the amount was taxed again. en-us Fri, 28 Jul 2023 00:00:00 +0530 Mon, 31 Jul 2023 06:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441007 The Tribunal allowed the appeal, ruling that the addition of Rs. 24,91,375/- as unexplained cash credit under Section 68 of the Income Tax Act was not justified as the amount had already been taxed as sales in the previous year. The rejection of the books of account without invoking Section 145 was deemed unwarranted. The Tribunal found merit in the assessee's arguments and deleted the addition, emphasizing the risk of double taxation if the amount was taxed again. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441007