https://www.taxtmi.com/caselaws?id=422428 The High Court upheld the decision of the Tribunal and Commissioner (Appeals) to delete the addition of Rs.7,82,95,551/- in the assessee's hands under Section 69 of the Income-tax Act. The Court found that the purchases were not from unexplained sources, as alleged by the assessing officer, but were duly recorded in the books of accounts and supported by stock records. The Court concluded that the assessee's explanation for showing purchases from multiple sellers to the bank was for obtaining a higher spending limit and did not involve unexplained income, leading to the dismissal of the revenue's appeal. en-us Fri, 04 Mar 2022 00:00:00 +0530 Sat, 14 May 2022 08:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422428 The High Court upheld the decision of the Tribunal and Commissioner (Appeals) to delete the addition of Rs.7,82,95,551/- in the assessee's hands under Section 69 of the Income-tax Act. The Court found that the purchases were not from unexplained sources, as alleged by the assessing officer, but were duly recorded in the books of accounts and supported by stock records. The Court concluded that the assessee's explanation for showing purchases from multiple sellers to the bank was for obtaining a higher spending limit and did not involve unexplained income, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Fri, 04 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422428