CIT(A)’s Deletion of Rs. 25.24 Cr u/s 68 Upheld as AO Accepts Cash Sales in Remand Report

ACIT Vs Jaspal Singh Saluja (ITAT Delhi)

Revenue challenged deletion of Rs.25.24 crore added by AO u/s 68 on account of cash deposits treated as unexplained cash credits. Assessee, a retailer of electronic items & mobile phones, had branches at Delhi, Haridwar & Hyderabad for part of the year, & deposited total cash of Rs.31.62 crore which he explained as cash sales transferred to the Ghaziabad head office.

Before CIT(A)/NFAC, Assessee produced complete documentary evidence-cash books, ledgers, bank statements, month-wise branch-wise cash sales & purchases, V

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