https://www.taxtmi.com/caselaws?id=765417 ITAT set aside CIT(A)'s order regarding unexplained cash credit addition under section 68. The tribunal found AO's treatment inconsistent with accounting principles as cash sales were both included in total sales and separately added as unexplained cash credit without corresponding adjustment to purchases or closing stock. The matter was remanded to CIT(A) with directions to reexamine the profit and loss account, provide fresh opportunity to assessee for submissions, and consider proper accounting treatment before confirming any additions. Appeal allowed for statistical purposes. en-us Tue, 28 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765417 ITAT set aside CIT(A)'s order regarding unexplained cash credit addition under section 68. The tribunal found AO's treatment inconsistent with accounting principles as cash sales were both included in total sales and separately added as unexplained cash credit without corresponding adjustment to purchases or closing stock. The matter was remanded to CIT(A) with directions to reexamine the profit and loss account, provide fresh opportunity to assessee for submissions, and consider proper accounting treatment before confirming any additions. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 28 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765417