Section 68 Addition Deleted Due to Explained Business Receipts in Books of Accounts

Micky Fireworks Industries Vs ACIT (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from an order dated 28.12.2022 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2017–18. The dispute pertained to an addition of ₹1,18,23,000 made by the Assessing Officer under Section 68 read with Section 115BBE of the Income Tax Act, treating cash deposits made during the demonetization period as unexplained cash credit. The assessee, a partnership firm engaged in the manufacturing and wholesale of fireworks,...