Section 68 Inapplicable if no Cash Transactions & no sum of money credited in books 

ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT) Kolkata heard the appeal in the case of ITO vs. Natraj Mercantile Pvt Ltd regarding the applicability of Section 68 of the Income Tax Act to cash transactions. This article provides an overview of the case and its implications. Background of the Case: The case involves an appeal filed by the revenue against the order of the Ld. CIT(A)-7, Kolkata. The dispute revolves around the applicability of Section 68 of the Income Tax Act to certain transactions. Revenue’s Grounds: The revenue raised several g...