Trade Debtor Receipts Cannot Be Taxed Again – Double Addition of ₹3.75 Cr Deleted

DCIT Vs NM Industries Private Limited (ITAT Delhi) Trade Debtor Receipts Cannot Be Taxed Again – Double Addition of ₹3.75 Cr Deleted, Revenue’s Appeals Dismissed ITAT Delhi: Assessee engaged in trading of edible oils, filed returns declaring income of ₹3.89 crore (AY 2013-14). Assessment was reopened u/s 147 based on Investigation Wing report alleging that Assessee routed its own funds of ₹3.75 crore through bank account of Nikhil Agencies & withdrew cash. AO treated ₹3.75 crore received from Nikhil Overseas as unexplained cash credit u/s 68. CIT(A) deleted addition, noting tha...