https://www.taxtmi.com/caselaws?id=753816 ITAT Panaji dismissed assessee's appeal regarding addition under section 69C read with section 115BBE for unexplained furniture import expenditure from China. The assessee failed to record the import expenditure in books and could not satisfactorily explain how substantial furniture imports were obtained on credit without established business relations with the Chinese supplier. Despite customs duty being paid, the explanation failed the test of human probabilities per SC precedents. The tribunal affirmed lower authorities' action and rejected the assessee's alternative prayer for customs duty relief, noting NFAC had already granted sufficient relief and section 69C proviso barred such addition. en-us Fri, 07 Jun 2024 00:00:00 +0530 Mon, 10 Jun 2024 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753816 ITAT Panaji dismissed assessee's appeal regarding addition under section 69C read with section 115BBE for unexplained furniture import expenditure from China. The assessee failed to record the import expenditure in books and could not satisfactorily explain how substantial furniture imports were obtained on credit without established business relations with the Chinese supplier. Despite customs duty being paid, the explanation failed the test of human probabilities per SC precedents. The tribunal affirmed lower authorities' action and rejected the assessee's alternative prayer for customs duty relief, noting NFAC had already granted sufficient relief and section 69C proviso barred such addition. Case-Laws Income Tax Fri, 07 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753816