https://www.taxtmi.com/caselaws?id=767025 ITAT Mumbai allowed the assessee's appeal, deleting the addition made under Section 69C. The tribunal held that payments made as per business agreement terms cannot be deemed bogus or for non-business purposes without adverse material evidence. The AO and CIT(A) failed to consider relevant records or provide evidence of any sham arrangement. Section 69C (unexplained expenditure) was incorrectly invoked since the assessee had properly recorded the payment in books and claimed it as legitimate business expenditure in profit and loss account. en-us Thu, 06 Mar 2025 00:00:00 +0530 Sat, 08 Mar 2025 08:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767025 ITAT Mumbai allowed the assessee's appeal, deleting the addition made under Section 69C. The tribunal held that payments made as per business agreement terms cannot be deemed bogus or for non-business purposes without adverse material evidence. The AO and CIT(A) failed to consider relevant records or provide evidence of any sham arrangement. Section 69C (unexplained expenditure) was incorrectly invoked since the assessee had properly recorded the payment in books and claimed it as legitimate business expenditure in profit and loss account. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767025