https://www.taxtmi.com/caselaws?id=765423 ITAT Delhi ruled in favor of the assessee regarding unaccounted cash credit under section 68 and addition at 60% tax rate under section 115BBE. The AO doubted cash sales during October-November 2016 demonetization period, claiming they were abnormally high and potentially backdated. However, the tribunal found no corroborating material to support the AO's inference. Revenue failed to demonstrate sales were fictitious, books weren't rejected, and purchases/stock weren't questioned. The tribunal noted contradictions in taxing the same amount at both 30% and 60% rates was unjustified. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765423 ITAT Delhi ruled in favor of the assessee regarding unaccounted cash credit under section 68 and addition at 60% tax rate under section 115BBE. The AO doubted cash sales during October-November 2016 demonetization period, claiming they were abnormally high and potentially backdated. However, the tribunal found no corroborating material to support the AO's inference. Revenue failed to demonstrate sales were fictitious, books weren't rejected, and purchases/stock weren't questioned. The tribunal noted contradictions in taxing the same amount at both 30% and 60% rates was unjustified. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765423