https://www.taxtmi.com/caselaws?id=311475 The ITAT Amritsar allowed the assessee's appeal against addition u/s 68 for alleged bogus cash sales. The AO rejected cash sales claimed from opening stock and purchases, despite VAT returns supporting the transactions. The ITAT found the assessee made legitimate cash sales from opening stock and purchases, supported by audited accounts and VAT returns. The CIT(A) made contradictory observations about previous year cash sales. The ITAT held that taxing cash deposits under section 68 when sales were already admitted as income would constitute double taxation, citing precedents from Delhi HC and other ITATs. The addition was deleted. en-us Mon, 20 Feb 2023 00:00:00 +0530 Thu, 28 Dec 2023 10:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311475 The ITAT Amritsar allowed the assessee's appeal against addition u/s 68 for alleged bogus cash sales. The AO rejected cash sales claimed from opening stock and purchases, despite VAT returns supporting the transactions. The ITAT found the assessee made legitimate cash sales from opening stock and purchases, supported by audited accounts and VAT returns. The CIT(A) made contradictory observations about previous year cash sales. The ITAT held that taxing cash deposits under section 68 when sales were already admitted as income would constitute double taxation, citing precedents from Delhi HC and other ITATs. The addition was deleted. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311475