S. 68 : Cash credits-Cash deposit-Demoetizaation-Produced names, address, PAN etc-Parties have responded to the notices u/s 133(6)-Sales are accepted by VAT department-No defects in the books of account-Order of CIT(A) deleting the addition is affirmed. [S. 133(6), 143(3)]
The assesseee has deposited cash sales in the bank account. The Assessing officer assessed the said deposit as unexplained cash credit. On appeal the CIT(A) deleted the addition. On appeal by the Revenue affirming the order of the CIT(A) the Tribunal held that the assessee has produced names, address, PAN etc. Parties have responded to the notices u/s 133(6). Sales are accepted by VAT department. No defects in the books of account and theory of human probabilities cannot be applied to the facts of the assessee. Accordingly the order of CIT(A) deleting the addition is affirmed. (AY. 2017-18) (ITA No. 244/Mum/2025 dt. 30-4-2025)
JCIT v. Aries Agro Ltd (Mum)(Trib) www.itatonline.org.
[Coram : Hon’ble Shri Sandeep Gosain, JM & Hon’ble Shri Prabhash Shankar, AM]