Provisions of 68 are not applicable on the sale transactions which is already credited in P&L: ITAT Jaipur

Suwalka and Suwalka Properties and Builders Pvt. Ltd. Vs ACIT (ITAT Jaipur)

ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts because the sale transaction are already part of the income which is already credited in statement of profit & loss account.

Facts- During the assessment proceedings, AO observed that for the year under assessment, the assessee company has deposited Rs. 2,79,00,000/- in its various bank accounts during demonetization period. Post considering the explanation

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