https://www.taxtmi.com/caselaws?id=462635 The ITAT Delhi held that once purchases declared in books of accounts were accepted, sales made from such purchases cannot be treated as unexplained cash credits under Section 68. The tribunal ruled that no subjective assumptions can be made to conclude sales constitute unexplained credits when books of accounts and sales are accepted. The addition confirmed by CIT(A) was deleted. Additionally, Section 115BBE assessment was held inapplicable following SMILE Microfinance Ltd. precedent, which established the provision applies only to transactions from 01.04.2017 onwards. en-us Wed, 26 Mar 2025 00:00:00 +0530 Sat, 05 Jul 2025 14:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462635 The ITAT Delhi held that once purchases declared in books of accounts were accepted, sales made from such purchases cannot be treated as unexplained cash credits under Section 68. The tribunal ruled that no subjective assumptions can be made to conclude sales constitute unexplained credits when books of accounts and sales are accepted. The addition confirmed by CIT(A) was deleted. Additionally, Section 115BBE assessment was held inapplicable following SMILE Microfinance Ltd. precedent, which established the provision applies only to transactions from 01.04.2017 onwards. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462635