Sec. 68 of the Income-tax Act, 1961 — Cash credit - Revenue challenged the order of Tribunal in deleting the addition made by the AO under Section 68 of the Act, 1961. High Court dismissed the Tax Appeal of the revenue holding that ”The assessee had explained that she was a member of International Air Transport Association. She used to book domestic and international air tickets of various national and international airlines. She had voluminous turnover from which she earned sizeable commission. She had employed several employees for booking the tickets and looking after the financial transactions. She had several customers for whom she would make such bookings. The commission was paid by the Airlines through the banking channel. There was thus no cash element or scope of any cash transactions. She was maintaining her books of account which were duly audited. During the survey, the Revenue authority had a chance upon some such papers in which jottings were made by the employees with regard to financial details with the assessee. They merely contain certain receivable amounts from the customers which could not be construed as cash transactions“. SLP of the revenue also dismissed due to low tax effect. - PR. CIT V/s MANISHABEN N. MASHRU - [2020] 272 TAXMAN 094 (SC)