2025 (3) TMI 1699

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....Sr. DR ORDER The Revenue is contesting order u/s 250 dated 12.08.2024, passed by NFAC confirming addition of Rs. 1,80,90,330/- made by the Ld. NFAC. 2. The only issue rising in the present appeal of the revenue is regarding an addition of Rs. 1,80,90,330/- made by the Ld. AO under Section 68 of the Act. None appeared on behalf of the assessee. As per brief factual matrix of the case the a....

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....at the Ld. CIT(A) has extensively analysed the issue as evident from page 2 to page 12 of his order. At this stage we deem it appropriate to reproduce para 9 / 10 of his order on page 12 as under :- when the purchases stand accepted, corresponding sales can not be denied. The AO has ignored the fact that the appellant derived cash sales and realization of cash from debtors mainly out of i....

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...., no discrepancy in sales or purchase is noticed. Considering the large volume of sales of Glass bangle trade of Rs. 17.68 Crores during the year as evidenced by UP VAT order submitted by the appellant, the cash sale component claimed to be appellant appears to be justified. The large volume of Glass Bangle sales also justifies high level of debtors who generally pay in cash. 10. In view ....