https://www.taxtmi.com/caselaws?id=781921 ITAT Jaipur partly allowed assessee's appeal on addition u/s 68 r.w.s. 115BBE for alleged unexplained cash deposits and bogus purchases. AO had accepted sales and turnover, supported by cash book, bank book, stock records, purchase/sale bills and VAT returns, but doubted certain purchases and wrongly treated sale proceeds as unexplained u/s 68 instead of considering s.69C. Enquiries regarding three suppliers were inconclusive, with no clear finding of non-existence. Holding that only purchases were in doubt and sales stood accepted, the Tribunal rejected the s.68 addition and directed estimation of profit at 15% (instead of 12.46% declared under presumptive taxation), allowing grounds 1 and 2 in part. en-us Thu, 16 Oct 2025 00:00:00 +0530 Thu, 20 Nov 2025 15:40:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781921 ITAT Jaipur partly allowed assessee's appeal on addition u/s 68 r.w.s. 115BBE for alleged unexplained cash deposits and bogus purchases. AO had accepted sales and turnover, supported by cash book, bank book, stock records, purchase/sale bills and VAT returns, but doubted certain purchases and wrongly treated sale proceeds as unexplained u/s 68 instead of considering s.69C. Enquiries regarding three suppliers were inconclusive, with no clear finding of non-existence. Holding that only purchases were in doubt and sales stood accepted, the Tribunal rejected the s.68 addition and directed estimation of profit at 15% (instead of 12.46% declared under presumptive taxation), allowing grounds 1 and 2 in part. Case-Laws Income Tax Thu, 16 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781921