https://www.taxtmi.com/caselaws?id=422518 The ITAT set aside the case back to the AO for a detailed examination and reconciliation of import purchases, custom duty payments, and sales. The AO was directed to provide the assessee an opportunity to explain any discrepancies. The ITAT found that the CIT(A) lacked sufficient material to support deletions under section 69C and directed a re-evaluation. The ITAT emphasized the need for thorough verification before making additions for unexplained expenditure. Both the AO's appeal and the assessee's cross-objection were allowed with these directions. en-us Fri, 13 May 2022 00:00:00 +0530 Tue, 17 May 2022 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422518 The ITAT set aside the case back to the AO for a detailed examination and reconciliation of import purchases, custom duty payments, and sales. The AO was directed to provide the assessee an opportunity to explain any discrepancies. The ITAT found that the CIT(A) lacked sufficient material to support deletions under section 69C and directed a re-evaluation. The ITAT emphasized the need for thorough verification before making additions for unexplained expenditure. Both the AO's appeal and the assessee's cross-objection were allowed with these directions. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422518