Addition Deleted Because Recorded Sales Cannot Be Taxed Again Under Section 68

Krishna Prabhas Agro Oils Private Limited Vs ACIT (ITAT Visakhapatnam)

ITAT Visakhapatnam Deletes Addition u/s 68 on Recorded Sales – AO Cannot Treat Accepted Turnover as Unexplained Cash Credit:

Visakhapatnam  Tribunal examined the validity of reassessment u/s 147 & the addition of Rs. 41,74,755/- made u/s 68 for RTGS receipts from M/s Prithvi Traders. Assessee, a manufacturer of edible rice bran oil, had disclosed this amount as part of its regular sales, duly recorded in audited books & supported by invoices, CST forms, bank statements & ledger extracts.Please become a Premium member. If you are already a Premium member, login here to access the full content.