Court Rules: No Adverse Inference Without Proof in Unexplained Expenditure Case u/s 69C of Income Tax Act.

Court Rules: No Adverse Inference Without Proof in Unexplained Expenditure Case u/s 69C of Income Tax Act. https://www.taxtmi.com/highlights?id=66432 Addition u/s 69C r.w.s.115BBE - Payment of credit card by cash as a unexplained expenditure - Without establishing conclusively, a section like 69C falling under the head Income from Other Sources and that is to, a deeming section, no adverse inference can be drawn against the assessee. We found the order of AO and Ld. CIT(A) are based on conjunction and surmises. - AT en-us Tue, 08 Nov 2022 13:33:29 +0530 Tue, 08 Nov 2022 13:33:29 +0530 TaxTMI RSS Generator Court Rules: No Adverse Inference Without Proof in Unexplained Expenditure Case u/s 69C of Income Tax Act. https://www.taxtmi.com/highlights?id=66432 Addition u/s 69C r.w.s.115BBE - Payment of credit card by cash as a unexplained expenditure - Without establishing conclusively, a section like 69C falling under the head Income from Other Sources and that is to, a deeming section, no adverse inference can be drawn against the assessee. We found the order of AO and Ld. CIT(A) are based on conjunction and surmises. - AT Highlights Income Tax Tue, 08 Nov 2022 13:33:29 +0530 https://www.taxtmi.com/highlights?id=66432