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The SC while dismissing the SLP in [2023] 453 ITR 754 (SC)held that merely because the sales tax authorities have accepted cash sales does not warrant any sufficient ground for the Tribunal to hold that the cash sales made by the assessee were genuine. The assessee attempted deduction u/s 80-IC on such sales. 


In this case the findings of facts by the AO and the appellate authority that the cash sales were not genuine and the assessee had introduced its unaccounted income in the garb of cash sales weighed over the findings of fact by the Tribunal. 


The Supreme Court has also dismissed the SLP of the assessee. 

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