Asseesse is\u00a0 engaged in business of dealing in beedi, tea powder and pan masala.\u00a0 Assessing Officer made cash deposits as cash credits. CIT(A) affirmed the addition. On appeal the Tribunal held that\u00a0 sale proceeds was shown as revenue receipts and offered to tax\u00a0 and\u00a0 if said receipts were to be taxed under section 68 again, same would result in double taxation, once as sales and again as unexplained cash credit, and thus, impugned addition made under section 68 were not sustainable and liable to be deleted. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Demonetization-Cash deposits-Sale proceeds-Sale proceeds offered to tax as revenue receipt-Addition would lead to double taxation-Addition is deleted. [S. 44AB, 115BBE] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31180","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-86U","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31180"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31180\/revisions"}],"predecessor-version":[{"id":31181,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31180\/revisions\/31181"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}