Suspicion Can’t Replace Proof – ITAT Ahmedabad Upholds Deletion of ₹63.85 Lakh Addition u/s 68

ITO Vs Maheshwari Sales Corporation (ITAT Ahmedabad)

Revenue appealed against the deletion of ₹63.84 lakh added u/s 68 as alleged bogus cash transactions with Kushal Tradelink Ltd., a known accommodation entry provider. AO made the addition based solely on the Investigation Wing’s general findings without producing any direct link between Assessee & the alleged racket, despite Assessee’s audited books showing genuine sales of ₹21 crore through banking channels.

CIT(A) accepted Assessee’s evidence-bills, ledgers, & bank records-& found that AO neither re

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