Section 68 Not Applicable to Genuine Sales Transactions Supported by Documentation

Sarwo Natraj Agro India Private Limited Vs ACIT (ITAT Hyderabad) The case before the Income Tax Appellate Tribunal (ITAT), Hyderabad, involved an appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017–18. The assessee, engaged in manufacturing and trading edible oil, had filed its return declaring total income of ₹38,85,020. During investigation, a third-party statement indicated that a concern, M/s Rameshwaram Impex, was allegedly engaged in providing accommodation entries without genuine business activity. Based on this information, the Assessing Of...