https://www.taxtmi.com/caselaws?id=763843 ITAT Mumbai deleted addition of unexplained expenditure u/s 69C in assessee company's hands. The tribunal found that cash expenditure source was already taxed in director's hands through settlement proceedings with IBS. Since director's cash receipts were offered to tax and cash flow statement explaining expenditure was accepted by IBS, further taxation as unexplained expenditure would constitute double taxation. The tribunal held that once cash source is taxed, it cannot be taxed again as unexplained expenditure, ruling in favor of assessee. en-us Wed, 11 Dec 2024 00:00:00 +0530 Mon, 30 Dec 2024 08:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763843 ITAT Mumbai deleted addition of unexplained expenditure u/s 69C in assessee company's hands. The tribunal found that cash expenditure source was already taxed in director's hands through settlement proceedings with IBS. Since director's cash receipts were offered to tax and cash flow statement explaining expenditure was accepted by IBS, further taxation as unexplained expenditure would constitute double taxation. The tribunal held that once cash source is taxed, it cannot be taxed again as unexplained expenditure, ruling in favor of assessee. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763843