Consideration received for Sale of Truck through Banking Channel not “Unexplained Cash Credit” u/s 68 of Income Tax Act: ITAT [Read Order]

The bench observed that the consideration received for the sale of the truck was through a banking channel

By Saagarika Gopinath - On March 4, 2025 7:50 am - 2 mins read

Consideration received for Sale - Sale of Truck - Banking Channel - Unexplained Cash Credit - Section 68 of Income Tax Act - Income Tax Act - ITAT - taxscan

The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) held that the consideration received for the sale of a truck through the banking channel does not qualify as “unexplained cash credit” under Section 68 of the Income Tax Act, 1961. The assessee has appealed against the order passed by the Commissioner of…

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