ITAT upheld section 68 addition for unexplained cash Scrap Sale

Ramzanali Asgar Khan Vs DCIT (ITAT Bangalore) In Assessment Year 2009-10, total sales were Rs.38.35 Crores. Out of this Rs.38.35 Crores, the assessee claimed scrap sales at Rs.1.93 Crores. In another Assessment Year 2010-11, the total sales were Rs.50.63 Crores out of this assessee claimed scrap sales at Rs.12,00,000/-. During the course of assessment, the AO asked the details of buyers of these scrap sales. The assessee has not furnished any details with regard to whom the scrap sale was made. The entire scrap sale was recorded by the assessee as cash sales. Even in the cash sales, the assess...