Addition towards unexplained cash credit u/s. 68 unwarranted as already declared and taxed as sales: ITAT Ahmedabad

L.K.S. Bullion (Import and Export) Pvt Ltd Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act unwarranted as the amount represents sales already declared and taxed. Thus, income already offered for taxation cannot be taxed again as unexplained cash credit.

Facts- The assessee-company is engaged in the business of trading in gold, jewellery, Bullion and manufacturing of lagadies. The assessee-company filed its return of income for A.Y. 2010-11 on 14-10-2010 declaring total income of

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