Once Sales Are Accepted, Entire Cash Deposits Cannot Be Taxed Again: Delhi ITAT

Jasbir Singh Vs ITO (ITAT Delhi) Delhi ITAT : Once Sales Are Accepted, Entire Cash Deposits Cannot Be Taxed Again – Only Reasonable GP Addition Sustainable The Delhi ITAT granted major relief to the assessee by holding that once the Revenue accepts the assessee’s turnover and business activity, the entire cash deposited in bank accounts cannot again be treated as unexplained cash credits u/s 68. The Tribunal accordingly deleted most of the addition of ₹11.52 crore and restricted the addition only by estimating a reasonable gross profit rate. The assessee had declared meagre income of...