https://www.taxtmi.com/caselaws?id=772175 The ITAT Mumbai dismissed the Revenue's appeal regarding unexplained cash credits under Section 68. The assessee, operating a jewelry business with multiple retail stores, received cash advances from customers under an Advance Jewellery Purchase Scheme. The AO treated these advances as unexplained cash credits, but the CIT(A) deleted the addition after examining the business model, customer PAN details for advances above Rs. 2 lakhs, and noting that advances were subsequently converted to sales and offered to tax. The CIT(A) correctly held that taxing both advances and subsequent sales would result in impermissible double taxation, as these advances were part of routine business operations. en-us Fri, 28 Mar 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772175 The ITAT Mumbai dismissed the Revenue's appeal regarding unexplained cash credits under Section 68. The assessee, operating a jewelry business with multiple retail stores, received cash advances from customers under an Advance Jewellery Purchase Scheme. The AO treated these advances as unexplained cash credits, but the CIT(A) deleted the addition after examining the business model, customer PAN details for advances above Rs. 2 lakhs, and noting that advances were subsequently converted to sales and offered to tax. The CIT(A) correctly held that taxing both advances and subsequent sales would result in impermissible double taxation, as these advances were part of routine business operations. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772175