https://www.taxtmi.com/caselaws?id=399858 The appeal was filed against the confirmation of the addition of genuine purchases as unexplained expenditure under section 69C of the Income Tax Act, 1961. The ITAT upheld the addition but directed that a 100% addition was not sustainable, citing precedents. The challenge against charging interest under sections 234B, 234C, and 234D was not addressed. Regarding penalty proceedings under section 271(1)(c), the ITAT set aside the CIT(A)'s order, directing the AO to determine the gross profit following a similar case's principle. The appeal was partly allowed, with judgment pronounced on 21st September 2020. en-us Mon, 21 Sep 2020 00:00:00 +0530 Wed, 21 Oct 2020 10:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399858 The appeal was filed against the confirmation of the addition of genuine purchases as unexplained expenditure under section 69C of the Income Tax Act, 1961. The ITAT upheld the addition but directed that a 100% addition was not sustainable, citing precedents. The challenge against charging interest under sections 234B, 234C, and 234D was not addressed. Regarding penalty proceedings under section 271(1)(c), the ITAT set aside the CIT(A)'s order, directing the AO to determine the gross profit following a similar case's principle. The appeal was partly allowed, with judgment pronounced on 21st September 2020. Case-Laws Income Tax Mon, 21 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399858