https://www.taxtmi.com/caselaws?id=209391 The High Court of Kerala reviewed cases concerning unexplained expenditure under Section 69C of the Income-tax Act related to cash purchases accounted as credit purchases by two assessees in the synthetic perfumes and herbal oil extracts business. The Court found discrepancies in the purchased notes, indicating cash purchases made on the purchase dates. Despite the respondent's explanation of cash flow constraints, the Court emphasized the need for a detailed examination of the accounts. Consequently, the Court set aside previous orders, directing a reassessment by the Assessing Officer to address the discrepancies and ensure a fair assessment process. en-us Wed, 29 Sep 2010 00:00:00 +0530 Sat, 20 Jul 2013 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209391 The High Court of Kerala reviewed cases concerning unexplained expenditure under Section 69C of the Income-tax Act related to cash purchases accounted as credit purchases by two assessees in the synthetic perfumes and herbal oil extracts business. The Court found discrepancies in the purchased notes, indicating cash purchases made on the purchase dates. Despite the respondent's explanation of cash flow constraints, the Court emphasized the need for a detailed examination of the accounts. Consequently, the Court set aside previous orders, directing a reassessment by the Assessing Officer to address the discrepancies and ensure a fair assessment process. Case-Laws Income Tax Wed, 29 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209391