https://www.taxtmi.com/caselaws?id=771131 The ITAT Ahmedabad allowed the assessee's appeal against additions made under section 68 for unexplained cash credit. The assessee, a gold and silver trader, had submitted sales invoices, account details, and VAT returns to justify sales transactions. The AO made additions based solely on third-party information without questioning the sales declarations or purchases. The ITAT held that since income was already offered for taxation in audited books with payments received through banking channels, taxing it again as unexplained cash credit would constitute double taxation. The additions by AO and CIT(A) were deemed unjustified. en-us Fri, 16 May 2025 00:00:00 +0530 Wed, 21 May 2025 08:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771131 The ITAT Ahmedabad allowed the assessee's appeal against additions made under section 68 for unexplained cash credit. The assessee, a gold and silver trader, had submitted sales invoices, account details, and VAT returns to justify sales transactions. The AO made additions based solely on third-party information without questioning the sales declarations or purchases. The ITAT held that since income was already offered for taxation in audited books with payments received through banking channels, taxing it again as unexplained cash credit would constitute double taxation. The additions by AO and CIT(A) were deemed unjustified. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771131