https://www.taxtmi.com/caselaws?id=270338 Subsidiary cash book entries and creditor confirmations explained the apparent cash shortage, and the record did not support an unexplained expenditure addition under Section 69C; the addition was deleted. Salary and wages were supported by audited books, salary sheets, statutory deductions and related records, while the inference about excess guards rested on assumptions rather than contrary evidence; the disallowance was deleted. Because the penalty under Section 271(1)(c) was founded on additions that did not survive, the concealment penalty also failed. The revenue appeals were unsuccessful and the relief granted to the assessee on quantum and penalty was sustained. en-us Mon, 14 Dec 2015 00:00:00 +0530 Mon, 04 Jan 2016 12:59:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270338 Subsidiary cash book entries and creditor confirmations explained the apparent cash shortage, and the record did not support an unexplained expenditure addition under Section 69C; the addition was deleted. Salary and wages were supported by audited books, salary sheets, statutory deductions and related records, while the inference about excess guards rested on assumptions rather than contrary evidence; the disallowance was deleted. Because the penalty under Section 271(1)(c) was founded on additions that did not survive, the concealment penalty also failed. The revenue appeals were unsuccessful and the relief granted to the assessee on quantum and penalty was sustained. Case-Laws Income Tax Mon, 14 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270338