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Excess trade advance received back in cash cannot be added u/s. 68 as unexplained cash credit
Case Law Details
- Case Name
- Lalitha Padmaja Thallapalli Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Lalitha Padmaja Thallapalli Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that trade advance given to goldsmith for making gold jewellery and excess amount paid has been received back in cash. The same cannot be added under section 68 of the Income Tax Act as unexplained cash credit. Accordingly, addition u/s. 68 is directed to be deleted.
Facts- The assessee is an individual, engaged in the business of retail trade in gold, jewellery, and silver articles, under the name and style of M/s. Shri Aabharanalu. AO completed the assessment by making various additions including additi...
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