ITAT Treats ₹1.50 Crore Cash Addition as Business Turnover in Bullion Trader’s Case [Read Order]

Taxscan reports an ITAT ruling that treated a ₹1.50 crore cash addition as business turnover rather than unexplained income in a bullion trader’s case. The tribunal observed that the assessee had maintained sufficient evidence to establish the cash was part of trading activity. The article analyzes the AO’s contentions, relevant precedents, and reasoning that cash receipts in trading business should not be automatically treated as undisclosed income. It clarifies implications for cash-intensive sectors.