Section 68

Income Tax

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Byadmin June 6, 2026

ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition The Income Tax Appellate Tribunal (ITAT) Delhi held that where cash sales were duly recorded in books, supported by stock records and VAT returns, the addition could not be sustained merely on suspicion regarding the timing of sales…

Read More ITAT Delhi Deletes Rs 9.41 Crore Addition on Demonetisation Cash Deposits Holding Suspicion Alone Cannot Justify Addition | Biz Flow Kit
Income Tax

Recovery of earlier advances cannot automatically be treated as unexplained income | Biz Flow Kit
Byadmin May 17, 2026

Delhi ITAT: Recovery of earlier advances cannot automatically be treated as unexplained income The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) on 14 May held that money received back by an assessee against earlier advances cannot be treated as unexplained cash credit under Section 68 of the Income-tax Act, 1961. A Bench comprising…

Read More Recovery of earlier advances cannot automatically be treated as unexplained income | Biz Flow Kit
Income Tax

ITAT Deletes Rs. 35.22 Lakh Demonetisation Addition; Cash Sales Accepted as Genuine | Biz Flow Kit
Byadmin February 15, 2026

ITAT Deletes Rs. 35.22 Lakh Demonetisation Addition; Cash Sales Accepted as Genuine The assessee, Marche Retail Pvt. Ltd., engaged in FMCG wholesale and retail business through multiple outlets, filed its return for AY 2017-18, declaring income of Rs. 59.94 lakh. During the assessment, the Assessing Officer noticed that the assessee had deposited Rs. 1.44 crore…

Read More ITAT Deletes Rs. 35.22 Lakh Demonetisation Addition; Cash Sales Accepted as Genuine | Biz Flow Kit