https://www.taxtmi.com/caselaws?id=769383 ITAT Ahmedabad ruled in favor of assessee regarding addition under section 68 for unexplained credit. The assessee, a bullion trader, received payments through banking channels from Green Traders, Jitendra Patel, and DPS Commodities for legitimate sales. CIT(A) found that assessee maintained proper stock registers, issued bills, and complied with Gujarat VAT Act requirements. Despite AO's reliance on investigation report alleging cash collection through dummy accounts, CIT(A) held that assessee had sufficient stock before sales and AO failed to provide contrary evidence. The tribunal upheld CIT(A)'s decision, ruling against revenue. en-us Tue, 22 Apr 2025 00:00:00 +0530 Sat, 05 Jul 2025 12:07:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769383 ITAT Ahmedabad ruled in favor of assessee regarding addition under section 68 for unexplained credit. The assessee, a bullion trader, received payments through banking channels from Green Traders, Jitendra Patel, and DPS Commodities for legitimate sales. CIT(A) found that assessee maintained proper stock registers, issued bills, and complied with Gujarat VAT Act requirements. Despite AO's reliance on investigation report alleging cash collection through dummy accounts, CIT(A) held that assessee had sufficient stock before sales and AO failed to provide contrary evidence. The tribunal upheld CIT(A)'s decision, ruling against revenue. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769383