https://www.taxtmi.com/caselaws?id=442291 Where machinery was acquired as a fixed asset and supported by invoice, bank payment details and photographs, the entire purchase cost could not be treated as unexplained expenditure merely because the supplier was suspected to be non-genuine. The assessee had not claimed the purchase price as a revenue deduction, only depreciation on the asset, so disallowing both the capital cost and depreciation was not sustainable. The addition under section 69C and the related depreciation disallowance were therefore deleted, with relief granted to the assessee in respect of the disputed machinery purchase. en-us Fri, 31 Mar 2023 00:00:00 +0530 Tue, 29 Aug 2023 08:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442291 Where machinery was acquired as a fixed asset and supported by invoice, bank payment details and photographs, the entire purchase cost could not be treated as unexplained expenditure merely because the supplier was suspected to be non-genuine. The assessee had not claimed the purchase price as a revenue deduction, only depreciation on the asset, so disallowing both the capital cost and depreciation was not sustainable. The addition under section 69C and the related depreciation disallowance were therefore deleted, with relief granted to the assessee in respect of the disputed machinery purchase. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442291