https://www.taxtmi.com/caselaws?id=388331 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete additions totaling Rs. 2,05,85,062/- on account of unexplained expenditure under Section 69C and understatement of sale consideration. The ITAT emphasized the lack of concrete evidence provided by the Assessing Officer (AO) and the reliance on presumptions. The ITAT found no fault in the CIT(A)'s order, noting the assessee's maintenance of regular books of accounts and submission of supporting documentation and valuation reports. The revenue's appeal was dismissed. en-us Wed, 16 Oct 2019 00:00:00 +0530 Wed, 13 Nov 2019 10:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388331 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to delete additions totaling Rs. 2,05,85,062/- on account of unexplained expenditure under Section 69C and understatement of sale consideration. The ITAT emphasized the lack of concrete evidence provided by the Assessing Officer (AO) and the reliance on presumptions. The ITAT found no fault in the CIT(A)'s order, noting the assessee's maintenance of regular books of accounts and submission of supporting documentation and valuation reports. The revenue's appeal was dismissed. Case-Laws Income Tax Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388331