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Recorded Sales Cannot Be Taxed Again U/s 68; Additions Based Only on Third-Party Statement Deleted
Case Law Details
- Case Name
- DCIT (OSD) Vs Gulshan Polyols Limited (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Delhi
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DCIT (OSD) Vs Gulshan Polyols Limited (ITAT Delhi)
The Assessing Officer, relying mainly on the survey statement of an alleged entry operator, treated the assessee’s recorded sales of ₹48.29 lakh as unexplained cash credits under section 68 and purchases/sales return of ₹5.30 lakh as unexplained expenditure. He ignored extensive documentary evidence produced by the assessee, including sale invoices on a “billed to – shipped to” basis, transporter certificates, vehicle and GR details, stock register showing quantitative reduction on each sale, and full receipt of sa...
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