Addition u/s 68 of duly accounted cash sales is unjustified

ITO Vs Parmanand Gupta (ITAT Raipur) Held that the re-assessment and addition of the duly accounted cash sales of the assessee as unexplained cash credits u/s 68 by the AO without rejection of the books of account of the assessee u/s 145(3) of the Act is unjustified Facts- During the course of the re-assessment proceedings, it was observed by the A.O that there were cash deposits amounting to Rs. 5,22,81,663/-. However, as the assessee had failed to substantiate the nature and source of the cash deposits in his bank accounts on the basis of supporting documentary evidence, the A.O after reject...