https://www.taxtmi.com/highlights?id=81713 Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as unexplained, alleging undisclosed trading activity. CIT(A) deleted addition after considering cash books, ledgers, bank statements of three proprietorship concerns, observing cash deposits duly recorded relating to consignment sales over Rs. 17 crores, part received in cash. ITAT upheld CIT(A)'s decision, noting AO failed to rebut assessee's explanation that cash deposits represented sale proceeds received on farmers' behalf, incidental to commission income. AO could have cross-verified from Mandi Samiti records but didn't. Only real income taxable, AO erred by taxing receipts instead..... en-us Thu, 26 Sep 2024 08:15:36 +0530 Thu, 26 Sep 2024 08:15:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81713 Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as unexplained, alleging undisclosed trading activity. CIT(A) deleted addition after considering cash books, ledgers, bank statements of three proprietorship concerns, observing cash deposits duly recorded relating to consignment sales over Rs. 17 crores, part received in cash. ITAT upheld CIT(A)'s decision, noting AO failed to rebut assessee's explanation that cash deposits represented sale proceeds received on farmers' behalf, incidental to commission income. AO could have cross-verified from Mandi Samiti records but didn't. Only real income taxable, AO erred by taxing receipts instead..... Highlights Income Tax Thu, 26 Sep 2024 08:15:36 +0530 https://www.taxtmi.com/highlights?id=81713