Addition towards unexplained out of books cash transaction without cogent evidence cannot be sustained

DCIT Vs Mayura Saria Pvt. Ltd (ITAT Raipur)

ITAT Raipur held that addition made on account of unexplained out of books cash transaction merely on the basis of certain information without cogent evidence or plausible reasoning has not substance to survive in eye of law. Accordingly, addition deleted.

Facts- The case involved herein is that addition of Rs.3,81,04,820/- was made by AO on account of alleged dubious and out of books transactions carried out by the assessee with M/s Sky Alloys & Power Pvt. Ltd. (SAPPL), which was subjected to Search & Seiz

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