https://www.taxtmi.com/caselaws?id=771506 An addition for unexplained expenditure under section 69C could not be sustained where it rested only on seized loose papers and an alleged cash component in share purchases. The share transactions were reflected in the regular books and supported by financial statements and annual returns, while the purchase prices were consistent with values accepted in other years. The seized papers were not independently linked to the assessee, and there was no corroborative evidence of cash payment outside the books. In the absence of meaningful enquiry and reliable material, the ITAT upheld the first appellate authority's relief and held the addition unjustified. en-us Thu, 03 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771506 An addition for unexplained expenditure under section 69C could not be sustained where it rested only on seized loose papers and an alleged cash component in share purchases. The share transactions were reflected in the regular books and supported by financial statements and annual returns, while the purchase prices were consistent with values accepted in other years. The seized papers were not independently linked to the assessee, and there was no corroborative evidence of cash payment outside the books. In the absence of meaningful enquiry and reliable material, the ITAT upheld the first appellate authority's relief and held the addition unjustified. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771506