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). 3. A search was conducted by the Central Excise Department on 18/05/1998 wherein it was found that the assessee was showing an inter-unit...