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The ITAT held that the addition u/s 69C r.w.s.115BBE for unexplained import expenditure was justified as the assessee failed to record the expenditure in the books. Lack of proof of past business relation with China-based supplier raised doubts on credit imports. The payment of custom duty was acknowledged, but the explanation provided did not meet the standard of human probabilities. The assessee's failure to prove import agreement conditions led to dismissal of the appeal. The alternative plea for relief on custom duty was rejected as lower authorities had already granted relief and sec.69C proviso barred further addition. Assessee's appeal was dismissed.
The ITAT held that the addition u/s 69C r.w.s.115BBE for unexplained import expenditure was justified as the assessee failed to record the expenditure in the books. Lack of proof of past business relation with China-based supplier raised doubts on credit imports. The payment of custom duty was acknowledged, but the explanation provided did not meet the standard of human probabilities. The assessee's failure to prove import agreement conditions led to dismissal of the appeal. The alternative plea for relief on custom duty was rejected as lower authorities had already granted relief and sec.69C proviso barred further addition. Assessee's appeal was dismissed.
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