https://www.taxtmi.com/caselaws?id=782934 ITAT upheld the deletion of addition under s.68 relating to alleged unexplained cash credits arising from sale of investments by the assessee-company. It held that the purchaser had duly responded to summons u/s 131, confirming the transactions and furnishing supporting evidence, and that the CIT(A)'s direction to estimate profit at 5% of total sales consideration was based on pure presumptions without any rational or evidentiary foundation. Relying on binding HC precedent in a substantially similar fact situation, ITAT set aside the portion of the CIT(A)'s order sustaining the 5% estimated profit addition. Consequently, the revenue's appeal was dismissed and the assessee's cross-objection was allowed in full. en-us Wed, 19 Nov 2025 00:00:00 +0530 Tue, 02 Dec 2025 17:34:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782934 ITAT upheld the deletion of addition under s.68 relating to alleged unexplained cash credits arising from sale of investments by the assessee-company. It held that the purchaser had duly responded to summons u/s 131, confirming the transactions and furnishing supporting evidence, and that the CIT(A)'s direction to estimate profit at 5% of total sales consideration was based on pure presumptions without any rational or evidentiary foundation. Relying on binding HC precedent in a substantially similar fact situation, ITAT set aside the portion of the CIT(A)'s order sustaining the 5% estimated profit addition. Consequently, the revenue's appeal was dismissed and the assessee's cross-objection was allowed in full. Case-Laws Income Tax Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782934