Income Tax Tribunal Rejects Revenue's Challenge to Business Receipts, Affirms Taxpayer's Claim Under Section 69A

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....ITAT dismissed revenue's appeal, upholding CIT(A)'s deletion of addition under Section 69A. The tribunal found no cogent evidence to challenge the assessee's claim regarding bank account credits as business receipts. The decision relied on precedent from Gujarat HC, which cautioned against double taxation when sales realization has already been accepted. The tribunal concluded that since the assessee made sales to the referenced entity and did not make corresponding purchases, the revenue's grounds lacked merit and were consequently rejected.....