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Cash Sales

Huge Cash Sale in a Particular Month cannot be a reason for treating it as Undisclosed Income: ITAT [Read Order]

Manu Sharma

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held that merely having a huge cash sale in a particular month cannot be a valid reason...

Unaccounted Cash Sales Reconciled with Invoices and Stock: ITAT Upholds Deletion of ₹30 Lakh...

Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years:...

Unexplained Cash Deposits during Demonetization: ITAT Limits Addition to ₹10 Lakhs Considering...

ITAT deletes 69 Addition as Cash Sales can't take place before Commencement of Business [Read Order]

Income Tax Dept. Search reveals Rs.1000 Crores Unaccounted Cash Sales of Polycab

The Income Tax Department has uncovered unaccounted cash sales amounting to Rs. 1000 crores related to Polycab. Consequently, the revelation of this undisclosed income has had a substantial impact on...

AO failed to Produce Evidence for Cash Sales: ITAT deletes Addition [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has deleted the addition as the assessing officer (AO) has failed to produce the evidence for cash sales. The assessee S.J. Studio...

Deposit of Banned Notes received out of Cash Sales during Demonetization Period is Legally Valid: ITAT deletes Addition [Read Order]

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has deleted an addition under section 69A of the Income Tax Act, 1961 by holding the deposit of banned notes received by the assessee...

ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal has directs to adopt peak calculation method to compute profit from unaccounted cash sales and remand matter back to AO The appellant, Himanshu...

Receipt of Cash Sales does not attract S. 68: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench, while deleting an addition, has held that the receipt of cash on account such sales after accepting the cash sales as genuine the receipt does...

Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]

The Kolkata bench of ITAT has held that cash balance generated out of cash sales cannot be treated as ‘cash in hand’ within the meaning of section 2(ea) of the Wealth Tax Act since the same constitute...