https://www.taxtmi.com/caselaws?id=467995 Sale proceeds that are duly recorded in the books, supported by sales, stock and cash records, and already accepted as business income cannot be brought to tax again as unexplained cash credit under section 68 of the Income-tax Act, 1961. Here, the assessee's jewellery sales were reflected in the audited accounts and the stock movement reconciled with the reported turnover; the Assessing Officer also accepted the book results without rejecting the books under section 145(3). On these facts, the same receipts could not be doubly assessed as cash credits, so the addition was unsustainable and the Revenue's challenge failed. en-us Wed, 23 Aug 2023 00:00:00 +0530 Sat, 11 Apr 2026 13:08:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467995 Sale proceeds that are duly recorded in the books, supported by sales, stock and cash records, and already accepted as business income cannot be brought to tax again as unexplained cash credit under section 68 of the Income-tax Act, 1961. Here, the assessee's jewellery sales were reflected in the audited accounts and the stock movement reconciled with the reported turnover; the Assessing Officer also accepted the book results without rejecting the books under section 145(3). On these facts, the same receipts could not be doubly assessed as cash credits, so the addition was unsustainable and the Revenue's challenge failed. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467995