Section 68 cash credit addition of 5% sales overturned as mere estimate despite confirmed, evidenced transactions

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....ITAT held that the addition of 5% of total sales consideration as estimated profit on alleged unexplained cash credits u/s 68 was unsustainable. It found that the CIT(A) had directed the AO to make this addition purely on presumptions and surmises, without any cogent basis or supporting material, despite confirmation of the transactions by the buyer in response to summons u/s 131 and production of evidences. Relying on the HC decision in a similar fact situation, ITAT set aside the part of the CIT(A)'s order sustaining the 5% addition, dismissed the revenue's appeal, and allowed the assessee's cross-objection.....