Cash Shortfall in Survey vs. Books: No Addition Allowed

Almech Enterprises Vs ACIT (ITAT Mumbai) Introduction: The case of Almech Enterprises Vs. ACIT (Income Tax Appellate Tribunal, Mumbai) revolves around a fundamental issue – whether a shortfall in cash found during a survey, compared to the cash recorded in the books of account, justifies an addition under section 69C of the Income Tax Act. In this article, we delve into the details of the case, the arguments presented, and the ultimate decision. Background of the Case: The appellant, Almech Enterprises, challenged an addition of Rs. 17,88,512 to its total income under section 69C of the Inc...