https://www.taxtmi.com/caselaws?id=763963 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s deletion of Rs. 4 crores addition under section 69C for unexplained expenditure. The addition was based on seized materials and director's statement claiming payments to trade creditors were made outside books. ITAT found the director's statement rebuttable and contradictory, while assessee provided book evidence showing trade payables as legitimately outstanding. Seized loose sheets contained only partial creditor lists for reconciliation purposes, not complete records. ITAT confirmed trade creditors payable was properly recorded in books and not cash payments outside accounts. en-us Wed, 06 Nov 2024 00:00:00 +0530 Wed, 01 Jan 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763963 ITAT Chennai dismissed Revenue's appeal challenging CIT(A)'s deletion of Rs. 4 crores addition under section 69C for unexplained expenditure. The addition was based on seized materials and director's statement claiming payments to trade creditors were made outside books. ITAT found the director's statement rebuttable and contradictory, while assessee provided book evidence showing trade payables as legitimately outstanding. Seized loose sheets contained only partial creditor lists for reconciliation purposes, not complete records. ITAT confirmed trade creditors payable was properly recorded in books and not cash payments outside accounts. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763963