https://www.taxtmi.com/caselaws?id=465330 The ITAT Delhi allowed the assessee's appeal, deleting the addition made as bogus purchases under s.69C. It held that purchases from the two concerns were duly recorded in the assessee's books and payments were effected through normal banking channels from disclosed bank accounts, establishing explained sources. As the transactions and funding were fully disclosed, there was no unexplained expenditure warranting invocation of s.69C. The Tribunal further noted that the Revenue had not alleged that the purchases were non-genuine or not incurred for business so as to justify disallowance under s.37. The restriction of disallowance by CIT(A) was therefore set aside. en-us Mon, 30 Sep 2024 00:00:00 +0530 Tue, 16 Dec 2025 18:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465330 The ITAT Delhi allowed the assessee's appeal, deleting the addition made as bogus purchases under s.69C. It held that purchases from the two concerns were duly recorded in the assessee's books and payments were effected through normal banking channels from disclosed bank accounts, establishing explained sources. As the transactions and funding were fully disclosed, there was no unexplained expenditure warranting invocation of s.69C. The Tribunal further noted that the Revenue had not alleged that the purchases were non-genuine or not incurred for business so as to justify disallowance under s.37. The restriction of disallowance by CIT(A) was therefore set aside. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465330