https://www.taxtmi.com/caselaws?id=449691 The HC upheld the addition of unexplained expenditure u/s 69C based on transactions in a seized diary during search. The assessee claimed commission income from real estate transactions but failed to establish the nexus between payments recorded in seized papers and actual business activities. The court found that documents produced during inquiry were created post-search to correlate diary entries, names and amounts in seized material didn't match those provided by the real estate developer, and the assessee couldn't explain the source of funds. The authorities correctly rejected the assessee's explanation as unsubstantiated, confirming the addition as the transactions remained unexplained and undisclosed in prior returns. en-us Mon, 12 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 06:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449691 The HC upheld the addition of unexplained expenditure u/s 69C based on transactions in a seized diary during search. The assessee claimed commission income from real estate transactions but failed to establish the nexus between payments recorded in seized papers and actual business activities. The court found that documents produced during inquiry were created post-search to correlate diary entries, names and amounts in seized material didn't match those provided by the real estate developer, and the assessee couldn't explain the source of funds. The authorities correctly rejected the assessee's explanation as unsubstantiated, confirming the addition as the transactions remained unexplained and undisclosed in prior returns. Case-Laws Income Tax Mon, 12 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449691