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; (ii) ₹1,22,00,000 received from M/s Radhavallabh Exports & M/s Mangalamuy Distributors Pvt Ltd, treated as accommodatio...