https://www.taxtmi.com/caselaws?id=755271 ITAT Delhi allowed the assessee's appeal against addition u/s 69C regarding Rs. 30 lakhs cash transactions for livestock purchase. The assessee, partner in Daurau Farms LLP engaged in dairy business, explained that cash was given to Mr. Deepak for purchasing quality breed cows and later returned through a relative. The assessee provided cash book records and income statements showing adequate cash sales of Rs. 8,40,400 locally and Rs. 17,46,798 through bank. ITAT held that the assessee discharged the burden of explaining the nature and source of transactions, finding the AO and CIT(A) made additions based on suspicion alone without cogent material establishing falsity. The addition was deleted. en-us Tue, 12 Dec 2023 00:00:00 +0530 Wed, 10 Jul 2024 08:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755271 ITAT Delhi allowed the assessee's appeal against addition u/s 69C regarding Rs. 30 lakhs cash transactions for livestock purchase. The assessee, partner in Daurau Farms LLP engaged in dairy business, explained that cash was given to Mr. Deepak for purchasing quality breed cows and later returned through a relative. The assessee provided cash book records and income statements showing adequate cash sales of Rs. 8,40,400 locally and Rs. 17,46,798 through bank. ITAT held that the assessee discharged the burden of explaining the nature and source of transactions, finding the AO and CIT(A) made additions based on suspicion alone without cogent material establishing falsity. The addition was deleted. Case-Laws Income Tax Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755271