https://www.taxtmi.com/highlights?id=80838 The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals) [CIT(A)] deleted the addition. The Tribunal upheld the CIT(A)'s order, observing that apart from the first two payments made on the transaction date, the third payment was received in advance by the assessee through banking channels. The Revenue only raised doubts about the sales bills but did not dispute the receipt of money. The assessee furnished stock statements, and the Revenue did not raise any doubts. Since the sales transaction was declared as revenue receipt, the Tribunal found no infirmity in deleting the addition u/s 68. Regarding the cash deposit addition, the assesse..... en-us Fri, 30 Aug 2024 08:38:34 +0530 Fri, 30 Aug 2024 08:38:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80838 The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals) [CIT(A)] deleted the addition. The Tribunal upheld the CIT(A)'s order, observing that apart from the first two payments made on the transaction date, the third payment was received in advance by the assessee through banking channels. The Revenue only raised doubts about the sales bills but did not dispute the receipt of money. The assessee furnished stock statements, and the Revenue did not raise any doubts. Since the sales transaction was declared as revenue receipt, the Tribunal found no infirmity in deleting the addition u/s 68. Regarding the cash deposit addition, the assesse..... Highlights Income Tax Fri, 30 Aug 2024 08:38:34 +0530 https://www.taxtmi.com/highlights?id=80838