Cash generated from Sales and duly recorded in Books of Account can’t be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

By Sunayana Dhal - On October 14, 2023 3:30 pm - 2 mins read
Cash generated - Sales and duly - Books of Account - Unexplained Cash Credit - Income Tax Act-ITAT-TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the cash generated from sales and duly recorded in the books of account cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The assessee is an individual who claimed to be engaged in the business of…

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