https://www.taxtmi.com/caselaws?id=763755 ITAT Delhi dismissed revenue's appeal and partially allowed assessee's appeal. The tribunal upheld CIT(A)'s deletion of additions under section 69C for unverifiable purchases, finding purchases were genuine with proper documentation, bills, and payment through banking channels. Books of account were not rejected under section 145, and enforcement directorate found no adverse circumstances. However, tribunal deleted CIT(A)'s 0.25% profit estimation on cash sales as assessee had already disclosed profits in accounts. Regarding section 68 addition for cash credit, matter was remanded to AO for fresh examination after assessee produced bank statements for the first time before tribunal. en-us Wed, 18 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 13:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763755 ITAT Delhi dismissed revenue's appeal and partially allowed assessee's appeal. The tribunal upheld CIT(A)'s deletion of additions under section 69C for unverifiable purchases, finding purchases were genuine with proper documentation, bills, and payment through banking channels. Books of account were not rejected under section 145, and enforcement directorate found no adverse circumstances. However, tribunal deleted CIT(A)'s 0.25% profit estimation on cash sales as assessee had already disclosed profits in accounts. Regarding section 68 addition for cash credit, matter was remanded to AO for fresh examination after assessee produced bank statements for the first time before tribunal. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763755