Addition u/s. 68 towards unexplained cash credit not justified as cash sales already accepted as genuine

ITO Vs Ankit Gold Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that once cash sales are accepted as genuine for the purpose of determining profit, the same cannot be added again as unexplained cash credit by invoking provisions of section 68 of the Income Tax Act. Accordingly, appeal of revenue dismissed. Facts- The assessee is engaged in the business of manufacturing, retail, and wholesale of gold jewellery. During the assessment proceedings, AO noted that during the demonetization period, from 09.11.2016 to 30.12.2016, the assessee deposited a sum of Rs. 3,02,62,000/- in cash, which as per the ...