https://www.taxtmi.com/caselaws?id=766212 The ITAT Delhi ruled in favor of the assessee regarding unexplained cash credit under section 68 read with section 115BBE. The AO made additions treating sales proceeds as unexplained cash credit despite the assessee providing sale bills and admitting revenue receipts. The tribunal found the AO's suspicions insufficient, noting that 270 bills in 4 hours, missing KYC documents, and unavailable CCTV footage were routine observations inadequate to justify additions under section 68. The assessee's explanation that demonetization panic led customers to invest in jewelry was deemed reasonable and deserving consideration, as accepted by the CIT(A). en-us Thu, 05 Dec 2024 00:00:00 +0530 Thu, 20 Feb 2025 08:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766212 The ITAT Delhi ruled in favor of the assessee regarding unexplained cash credit under section 68 read with section 115BBE. The AO made additions treating sales proceeds as unexplained cash credit despite the assessee providing sale bills and admitting revenue receipts. The tribunal found the AO's suspicions insufficient, noting that 270 bills in 4 hours, missing KYC documents, and unavailable CCTV footage were routine observations inadequate to justify additions under section 68. The assessee's explanation that demonetization panic led customers to invest in jewelry was deemed reasonable and deserving consideration, as accepted by the CIT(A). Case-Laws Income Tax Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766212