https://www.taxtmi.com/article/detailed?id=13540 A taxpayer's addition treated as unexplained cash credits for purchases from unregistered dealers was sustained through assessment and appeals until, during separate penalty proceedings, the assessee produced supplier affidavits and statements which the AO recorded and the appellate penalty authority accepted. The Supreme Court relied on that penalty stage evidence-admitted after earlier appellate rulings-and concluded the factual basis for the addition was dispelled, setting aside the addition while leaving the remainder of the assessment intact. en-us Thu, 13 Feb 2025 10:16:34 +0530 Fri, 11 Apr 2025 18:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13540 A taxpayer's addition treated as unexplained cash credits for purchases from unregistered dealers was sustained through assessment and appeals until, during separate penalty proceedings, the assessee produced supplier affidavits and statements which the AO recorded and the appellate penalty authority accepted. The Supreme Court relied on that penalty stage evidence-admitted after earlier appellate rulings-and concluded the factual basis for the addition was dispelled, setting aside the addition while leaving the remainder of the assessment intact. Articles Income Tax Thu, 13 Feb 2025 10:16:34 +0530 https://www.taxtmi.com/article/detailed?id=13540