Held that the estimation of gross profit is not justified. Cash sales deposited cannot be assessd as cash credits. Rejection of books of account is justified. The Tribunal also held that the reliance placed by the Commissioner (Appeals) on judgments of non-jurisdictional High Courts is appropriate and justified in the absence of any decision of the jurisdictional High Court on the same issue. (AY. 2017-18)
ITO v. Shree Balaji Processors (2024)115 ITR 40 / 169 taxmann.com 220 (Chd)(Trib)
S. 69A : Unexplained money-Demonetisation-Cash deposit-Cash sales-Estimation of gross profit is not justified-Cash sales deposited cannot be assessed as cash credits-Rejection of books of account is justified-Appellate Tribunal-Duties-Precedent-Orders of non-Jurisdictional High Court is binding. [S. 68, 145(3), 254(1)]
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