https://www.taxtmi.com/caselaws?id=313262 The ITAT overturned the CIT(A)'s decision, directing the deletion of the Rs. 2,48,344 addition under Section 69C of the Income Tax Act, 1961. The Tribunal found that the source of the purchases was not in dispute, and the appellant had adequately reflected the transactions in the books of accounts. Consequently, the Tribunal allowed the appeal, ruling that the application of Section 69C was unwarranted, as the source of expenditure was neither unexplained nor unsatisfactory. en-us Fri, 12 Aug 2016 00:00:00 +0530 Wed, 03 Apr 2024 18:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313262 The ITAT overturned the CIT(A)'s decision, directing the deletion of the Rs. 2,48,344 addition under Section 69C of the Income Tax Act, 1961. The Tribunal found that the source of the purchases was not in dispute, and the appellant had adequately reflected the transactions in the books of accounts. Consequently, the Tribunal allowed the appeal, ruling that the application of Section 69C was unwarranted, as the source of expenditure was neither unexplained nor unsatisfactory. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313262