Sec 68 Addition Deleted – Art Exhibition Sale Through Singapore Held Genuine Revenue Appeal Dismissed by ITAT Agra

ACIT Vs Sunil Kumar Joshan (ITAT Agra) In ITA No.494/AGR/2025 (AY 2014-15), the ITAT Agra Bench upheld the order of CIT(A) deleting addition u/s 68 r.w.s.115BBE relating to alleged unexplained receipts from overseas art exhibition sales. The assessee, proprietor of M/s Sanchit Art, conducted consignment sales of paintings through PHI Events, Singapore and received net remittance of about ₹3.05 Cr after expenses. AO treated gross receipts as bogus accommodation entries alleging colourable device, but CIT(A) accepted identity, genuineness & creditworthiness based on extensive documentary e...