No Adverse Findings on Purchases or Stock: ITAT deletes 39.2 Lakhs cash credit u/s 68 of Income Tax Act [Read Order]

If the purchases are treated as genuine and stock is also accepted then treating the sales as bogus is not logical

By Aiswarya Krishnadas - On April 16, 2024 2:33 pm - 2 mins read

ITAT - ITAT Delhi - Income tax - Cash credit - Stock assessment - taxscan

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted Rs. 39.2 Lakhs Cash Credit Under Section 68 of the Income Tax Act, 1961, citing absence of adverse findings on purchases or stock. The assessee is engaged in the business manufacturing and trading of Guar, Guar dall, Guar Churi, Rui, Sarson, Sarson…

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