Summary
- The ITAT Indore has ruled that cash sales recorded in books cannot be taxed again under Section 68, partly allowing the Revenue's appeal for AY 2017-18.
- The Tribunal upheld the deletion of ₹2,48,14,793 added as unexplained cash credit, citing no discrepancies in the assessee's purchase and sales records.
- However, it remanded ₹10 lakh of a capital addition back to the Assessing Officer for further examination due to insufficient verification of the donor's identity.
- This decision reinforces that documented sales already taxed cannot be subject to double taxation, while emphasizing the need for proper evidence in capital contributions.
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