https://www.taxtmi.com/caselaws?id=450695 The ITAT Rajkot upheld the AO's finding of unexplained expenditure under Section 69C where certain expense entries were unmatched in the assessee's books. The assessee's explanation that expenses were initially incurred by employees and later reimbursed was rejected due to lack of employee confirmations and absence of reimbursement entries in cashbooks. While the CIT(Appeals) dismissed the appeal entirely, the ITAT partially allowed it, restricting the disallowance to 25% of the AO's original assessment in the interests of justice, despite the assessee's failure to provide satisfactory explanations for the unaccounted expenses. en-us Fri, 08 Mar 2024 00:00:00 +0530 Mon, 11 Mar 2024 06:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450695 The ITAT Rajkot upheld the AO's finding of unexplained expenditure under Section 69C where certain expense entries were unmatched in the assessee's books. The assessee's explanation that expenses were initially incurred by employees and later reimbursed was rejected due to lack of employee confirmations and absence of reimbursement entries in cashbooks. While the CIT(Appeals) dismissed the appeal entirely, the ITAT partially allowed it, restricting the disallowance to 25% of the AO's original assessment in the interests of justice, despite the assessee's failure to provide satisfactory explanations for the unaccounted expenses. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450695