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Double Taxation Prevented: Tribunal Deletes Addition as Cash Sales Already Recorded
Case Law Details
- Case Name
- Kamna Industries Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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;
(ii) ₹1,22,00,000 received from M/s Radhavallabh Exports & M/s Mangalamuy Distributors Pvt Ltd, treated as accommodatio...
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