https://www.taxtmi.com/caselaws?id=754211 The ITAT Ahmedabad allowed the assessee's appeal on multiple grounds. Regarding unexplained cash credit u/s 68, the Tribunal held that treating sales consideration as unexplained cash credit while retaining corresponding sales in profit and loss account constituted double addition, which was impermissible. For intercorporate deposits, since amounts were received and repaid through banking channels, no addition was warranted under section 68. Trading losses in shares were allowed following precedent in group case. Client code modification losses were remanded to AO for verification whether other parties claimed similar losses. Bad debts deduction was allowed under section 36(1)(vii) as income was offered in earlier years and amounts were written off in books. en-us Thu, 13 Jun 2024 00:00:00 +0530 Tue, 18 Jun 2024 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754211 The ITAT Ahmedabad allowed the assessee's appeal on multiple grounds. Regarding unexplained cash credit u/s 68, the Tribunal held that treating sales consideration as unexplained cash credit while retaining corresponding sales in profit and loss account constituted double addition, which was impermissible. For intercorporate deposits, since amounts were received and repaid through banking channels, no addition was warranted under section 68. Trading losses in shares were allowed following precedent in group case. Client code modification losses were remanded to AO for verification whether other parties claimed similar losses. Bad debts deduction was allowed under section 36(1)(vii) as income was offered in earlier years and amounts were written off in books. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754211