Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (3) TMI 1312 - AT - Income TaxAddition u/s 68 r.w.s. 115BBE - higher average sales - HELD THAT:- AO nowhere recorded that the information and the evidences obtained by him from sundry creditors were shares with the assessee or any show cause to explain the discrepancy was issued to the assessee. At the time of making submissions before us, assessee explained certain discrepancy about the amount received by way of cheque from Swastik logistic, though the same amount was shown by Swastik Logistic in cash in their books. Thus, find merit in the submissions of assessee that had the AO issued show cause notice on such alleged discrepancy, the assessee would have explained all the entry. When the sales of the assessee is not doubted by the assessing officer and accepted the books result, the addition of section 68, on the basis of higher average sales is also not justified. Addition is deleted - Decided in favour of assessee.
|