https://www.taxtmi.com/caselaws?id=388297 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 21,26,190 under Section 68 of the Income Tax Act. The Tribunal found that the amount in question was related to purchases made on credit and should have been considered under Section 69C instead. The rejection of the assessee's explanation regarding the expenditure was deemed unjustified, as the payments were substantiated in the audited books. The Tribunal also nullified the penalty under Section 271(1)(c) due to the deletion of the quantum addition. Both the quantum appeal and penalty appeal were allowed on 15-10-2019. en-us Tue, 15 Oct 2019 00:00:00 +0530 Wed, 13 Nov 2019 10:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388297 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 21,26,190 under Section 68 of the Income Tax Act. The Tribunal found that the amount in question was related to purchases made on credit and should have been considered under Section 69C instead. The rejection of the assessee's explanation regarding the expenditure was deemed unjustified, as the payments were substantiated in the audited books. The Tribunal also nullified the penalty under Section 271(1)(c) due to the deletion of the quantum addition. Both the quantum appeal and penalty appeal were allowed on 15-10-2019. Case-Laws Income Tax Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388297