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

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