https://www.taxtmi.com/caselaws?id=189849 The ITAT upheld the CIT(A)'s decision to delete the addition of unexplained expenditure under section 69C of the Income Tax Act, 1961. The Tribunal emphasized the lack of proper inquiry by the AO, the presence of documentary evidence supporting transactions, and the failure to grant the assessee an opportunity to cross-examine creditors. The ITAT dismissed the revenue's appeal, citing reliance on third-party statements without further investigation and highlighting the importance of following established principles of natural justice. en-us Fri, 05 Feb 2016 00:00:00 +0530 Mon, 23 Jan 2017 17:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189849 The ITAT upheld the CIT(A)'s decision to delete the addition of unexplained expenditure under section 69C of the Income Tax Act, 1961. The Tribunal emphasized the lack of proper inquiry by the AO, the presence of documentary evidence supporting transactions, and the failure to grant the assessee an opportunity to cross-examine creditors. The ITAT dismissed the revenue's appeal, citing reliance on third-party statements without further investigation and highlighting the importance of following established principles of natural justice. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189849