If Sales are not Disputed then Cash Deposited out of Sales cannot be Treated as Unexplained Income u/s 68 of Income Tax Act: ITAT [Read Order]

By Ipsita Das - On September 14, 2023 7:00 am - 2 mins read

Sales - Disputed - If Sales are not Disputed then Cash Deposited out of Sales cannot be Treated as Unexplained Income - ITAT - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT), held that the cash deposited out of sales cannot be treated as unexplained income under Section 68 of the Income Tax Act once the sales are not disputed by the revenue. The assessee, Manuvel Malabar Jewellers is a private limited company engaged in retail trading of…

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