No Double Tax on Cash Sales Recorded in Books: ITAT Delhi

Advertisement ITO Vs Himanshu Goel (ITAT Delhi) No Double Tax on Cash Sales, Sundry Creditors Also Protected: ITAT Upholds Deletion of Additions in Jewellery Trader’s Case The Delhi Bench “E” of the ITAT, in ITO v. Himanshu Goel (AY 2017-18), dismissed the Revenue’s appeal and upheld the CIT(A)’s deletion of additions aggregating to ₹1.20 crore, holding that the AO’s approach resulted in double taxation and internal inconsistency. The AO had made two major additions: ₹70.89 lakh as unexplained cash deposits under section 69A, and ₹51.58 lakh as unexplained sundry creditor...