Books Can’t Be Rejected merely for Missing Return: ITAT Deletes ₹1.34 Cr Cash Addition

Krishna Gears Private Limited Vs ITO (ITAT Delhi) No Return for Earlier Year No Ground to Reject Books/Cash balance- Cash Deposits Explained from Carried Forward Cash-in-Hand – Tribunal Quashes Unexplained Cash Addition Delhi Tribunal deleted the addition of ₹1.34 crore made as unexplained cash credit & deposit, holding that cash-in-hand duly reflected in audited books cannot be rejected merely because the return for the preceding year was not filed. Assessee, engaged in manufacturing of industrial gearboxes, had deposited ₹82.76 lakh in cash during the year & explained that the ...