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Unjustified Section 68 Addition: Gold Sale Cash Receipts Recorded in Books
Case Law Details
- Case Name
- Abhishek Prakashchand Chhajed Vs ITO (ITAT Ahmedabad)
- 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 Ahmedabad
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Abhishek Prakashchand Chhajed Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that treatment of cash receipts from sale of gold/gold ornaments which are duly recorded in audited books of account cannot be treated as unexplained cash credit under section 68 of the Income Tax Act.
Facts-
The assessee is an individual who claimed to be engaged in the business of trading gold and silver items under the name and style of M/s Adheshwer Jewelers. The assessee during the demonetization period deposited cash amounting to Rs. 50 Lakh in the bank account held with Yes Bank and UCO Bank.
Asse...
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