Sales of Jewellery could not be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

Sales of Jewellery could not be treated as unexplained cash credit under Section 68 of Income Tax Act, 1961, rules, ITAT
ITAT Chennai - ITAT - Income Tax Act - Income Tax - ITAT Ruling on Jewellery Sales - Unexplained Cash Credit - Taxscan

In a recent decision the chennai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that sales of jewellery could not be treated as unexplained cash credit under Section 68 of Income Tax, Act, 1961 The Counsel for the assesse, S. Sridhar, supporting the order of the CIT (A) submitted that there was…

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