Section 68 cannot be applied in relation to the sales receipt

Shree Sanand Textiles Industries Ltd. Vs DCIT (ITAT Ahmedabad)

1. The Assessee is a public limited company and engaged in the business of manufacturing of textile products. Income tax return showing loss of Rs. 26,92,682/- was filed for Assessment Year (‘AY’) 1995-96.

2. Regular assessment u/s 143(3) of the Income-tax Act was completed on 26/02/1998 at an income of Rs. 27,74,100/- (Addition of unexplained cash credit and interest-free loan and advances).

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