Double Taxation Prevented: Tribunal Deletes Addition as Cash Sales Already Recorded

Kamna Industries Pvt. Ltd. Vs ACIT (ITAT Delhi)

Cash Sales Already Taxed—ITAT Deletes Double Addition of ₹1.61 Crore- Books Not Rejected, Stock Available, VAT Accepted—Section 68 Cannot Be Invoked

Assessee, engaged in manufacture of tobacco (khaini) & windmill power generation, filed ROI declaring loss of ₹35,02,551. AO treated two categories of receipts as unexplained cash credits u/s 68 r.w.s 115BBE:

(i) Cash deposits of ₹39,30,000, allegedly not proved;

(i

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