https://www.taxtmi.com/caselaws?id=444805 ITAT Ahmedabad ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 during demonetization. The assessee, a petroleum dealer, deposited cash from sale of petrol and diesel. The AO incorrectly applied a circular meant for purchases, not sales, of petroleum products. The tribunal found the AO's position contradictory - accepting the source of cash deposits while simultaneously treating them as unexplained credits. The assessee provided complete documentation including purchase registers, sales records, VAT returns, and bank statements. No defects were found in the books, and sales figures during demonetization were not drastically higher than normal periods. The invocation of Section 68 was held invalid. en-us Wed, 18 Oct 2023 00:00:00 +0530 Mon, 11 Nov 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444805 ITAT Ahmedabad ruled in favor of the assessee in a case involving unexplained cash credit under Section 68 during demonetization. The assessee, a petroleum dealer, deposited cash from sale of petrol and diesel. The AO incorrectly applied a circular meant for purchases, not sales, of petroleum products. The tribunal found the AO's position contradictory - accepting the source of cash deposits while simultaneously treating them as unexplained credits. The assessee provided complete documentation including purchase registers, sales records, VAT returns, and bank statements. No defects were found in the books, and sales figures during demonetization were not drastically higher than normal periods. The invocation of Section 68 was held invalid. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444805