https://www.taxtmi.com/caselaws?id=752547 Delhi HC set aside penalty proceedings under section 271AAC(1) for unexplained expenditure under section 69C. The court found that the AO relied solely on CBIC's cumulative purchase amounts without proper details or reconciliation. The AO failed to identify specific import bills or entries that should have been recorded in the assessee's books. The court held that merely accepting CBIC information without meaningful analysis violated natural justice principles. The matter was remanded to the AO for fresh decision in accordance with law, requiring proper identification of specific expenditures before making additions. en-us Wed, 08 May 2024 00:00:00 +0530 Mon, 13 May 2024 08:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752547 Delhi HC set aside penalty proceedings under section 271AAC(1) for unexplained expenditure under section 69C. The court found that the AO relied solely on CBIC's cumulative purchase amounts without proper details or reconciliation. The AO failed to identify specific import bills or entries that should have been recorded in the assessee's books. The court held that merely accepting CBIC information without meaningful analysis violated natural justice principles. The matter was remanded to the AO for fresh decision in accordance with law, requiring proper identification of specific expenditures before making additions. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752547