Addition u/s 68 towards unexplained cash credit unjustified as source of cash deposit proved

ITO Vs Ashapura Petrochem Marketing Pvt. Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as source of cash deposit on account of sale of petrol, diesel and other petroleum products duly proved.

Facts- The assessee is a Company engaged in the business of Trading in Petroleum Products and dealer of Reliance Industries Ltd. trading of Petrol and Diesel and other related products. The ret

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