Monday, June 17, 2019

No addition u/s. 68 if sum deposited in bank account duty supported by book entries

IT: Where Commissioner passed a revisional order making addition to assessee's income under section 68 in respect of amount deposited in bank account, in view of fact that said amount represented sale consideration of goods in support of which assessee had produced statement of bank account, copies of bills issued to purchasers as also books of account showing entries of deposits made in bank, impugned revisional order was to be set aside

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