Addition u/s 68 towards unexplained cash credit unsustainable as cash sales already reflected in P&L

DCIT Vs Kundan Jewellers Pvt Ltd (ITAT Mumbai)

ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit unsustainable as cash proceeds already reflected in Profit & Loss account, hence addition u/s 68 will amount to double taxation.

Facts- The assessee company is engaged in the business of wholesale and retail trade of all kind of gold, diamond jewellary, silver articles and other precious stones. On perusal of the financial

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