https://www.taxtmi.com/caselaws?id=461545 The ITAT Ahmedabad allowed the assessee's appeal against additions made under Section 68 for unexplained cash credits from old currency deposits. The tribunal found that the assessee maintained consistent stock levels and recorded all transactions properly, with no discrepancies in books of accounts. The cash deposits were part of explained sales, with corresponding purchases and profit elements already offered for taxation and accepted by the AO. The tribunal held that adding the same amount again under Section 68 would constitute double taxation, as the underlying sales were duly accounted for and income declared was accepted. en-us Thu, 13 Jun 2024 00:00:00 +0530 Sat, 12 Apr 2025 08:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461545 The ITAT Ahmedabad allowed the assessee's appeal against additions made under Section 68 for unexplained cash credits from old currency deposits. The tribunal found that the assessee maintained consistent stock levels and recorded all transactions properly, with no discrepancies in books of accounts. The cash deposits were part of explained sales, with corresponding purchases and profit elements already offered for taxation and accepted by the AO. The tribunal held that adding the same amount again under Section 68 would constitute double taxation, as the underlying sales were duly accounted for and income declared was accepted. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461545