https://www.taxtmi.com/caselaws?id=755222 Gujarat HC upheld Tribunal's decision deleting additions made by AO under section 68 for unexplained cash credit of Rs. 108.97 crores, as the amount was already accounted in sales and offered as income. The court also upheld deletion of addition for non-genuine purchases of Cotton Wash Oil worth Rs. 59.70 crores, finding purchases were properly recorded with corresponding sales established. Additionally, disallowance of interest expenses was deleted as assessee had sufficient capital reserves of Rs. 420 crores to advance the amounts in question. en-us Fri, 14 Jun 2024 00:00:00 +0530 Mon, 08 Jul 2024 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755222 Gujarat HC upheld Tribunal's decision deleting additions made by AO under section 68 for unexplained cash credit of Rs. 108.97 crores, as the amount was already accounted in sales and offered as income. The court also upheld deletion of addition for non-genuine purchases of Cotton Wash Oil worth Rs. 59.70 crores, finding purchases were properly recorded with corresponding sales established. Additionally, disallowance of interest expenses was deleted as assessee had sufficient capital reserves of Rs. 420 crores to advance the amounts in question. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755222