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Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
ITAT allowed the assessee's appeal, deleting the addition made as unexplained expenditure u/s 69C in respect of alleged furniture expenses incurred by the assessee's spouse. The Tribunal noted that, as per the capital account and balance sheet as on 31.03.2017, the spouse possessed sufficient funds to meet the furniture expenditure of Rs. 17,50,000/-. In the absence of any rebuttal or contrary material from the Revenue, the explanation could not be discarded. The addition was held to be arbitrary, misconceived and unsustainable in law.
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