https://www.taxtmi.com/caselaws?id=420925 The Tribunal allowed the appeal of the assessee, ruling in favor of the appellant and directing the deletion of the disputed addition towards Custom Duty payment. The Tribunal found that the Customs Duty was paid through a Demand Draft, supported by documentary evidence of a loan and cash sales, refuting the Commissioner of Income Tax (Appeals)'s misinterpretation that the payment was made in cash. The Tribunal concluded that the Assessing Officer's addition of the Custom Duty amount as unexplained expenditure under section 69C was unwarranted, leading to the re-computation of income for the relevant assessment year. en-us Fri, 08 Apr 2022 00:00:00 +0530 Wed, 13 Apr 2022 08:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420925 The Tribunal allowed the appeal of the assessee, ruling in favor of the appellant and directing the deletion of the disputed addition towards Custom Duty payment. The Tribunal found that the Customs Duty was paid through a Demand Draft, supported by documentary evidence of a loan and cash sales, refuting the Commissioner of Income Tax (Appeals)'s misinterpretation that the payment was made in cash. The Tribunal concluded that the Assessing Officer's addition of the Custom Duty amount as unexplained expenditure under section 69C was unwarranted, leading to the re-computation of income for the relevant assessment year. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420925