If the assessee has maintained regular books of accounts, bills, vouchers and day to day stock register having complete quantitative details, addition U/s 68 is not proper.
There are few other important observation as well by the ITAT Jaipur Bench ...
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Posts tagged "69A AND income credited to P & L A/c"
If the cash sales and receipts are duly supported by relevant bills which were produced in the course of assessment proceedings, addition U/s 68 is unwarranted
If the cash sales and receipts are duly supported by relevant bills which were produced in the course of assessment proceedings, addition U/s 68 is unwarranted
There are few other important observation as well by the ITAT Jaipur Bench as ...
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If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition U/s 68 could be sustained.
If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition U/s 68 could be sustained.
There are few other important observation as well by the ITAT Jaipur Bench as under:
...
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Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are already part of the income which is already credited in P&L account.
Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are already part of the income which is already credited in P&L account.
There are few other important observation as well ...
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