Addition u/s 68 on Alleged Bogus Sales Deleted – Tribunal Holds Double Taxation Unjustified

Gosrani Impex private Limited Vs CIT (Appeals) (ITAT Mumbai) Assessee, Gosrani Impex Pvt. Ltd., engaged in manufacturing textiles, filed return for AY 2017-18 declaring income of ₹59.67 lakh. During scrutiny, AO received investigation-wing information from Kolkata regarding M/s Hariram Jagdish Prasad, a concern allegedly providing accommodation entries in the form of cheques in lieu of cash. AO noted that Assessee received ₹19,03,396 from this concern & , based on the partner’s statement before the Investigation Wing, treated the amount as unexplained cash credit u/s 68. Assessee exp...