https://www.taxtmi.com/caselaws?id=465690 Addition under s.69 was sustained solely on an alleged mismatch between the closing balance reflected in the assessee's books and that appearing in the creditor's books as on 31 March 2016. The ITAT held that s.69 can be invoked only after the assessee is afforded an opportunity to explain the impugned item, which was not done, and that the revenue authorities did not demonstrate that the assessee's reconciliation and supporting documents were incorrect or non-genuine. Further, once the reconciliation explaining that the outstanding was adjusted in the subsequent year was accepted, no basis remained for treating it as unexplained. The addition under s.69 was deleted and the appeal was allowed. en-us Fri, 24 Jan 2025 00:00:00 +0530 Tue, 06 Jan 2026 10:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465690 Addition under s.69 was sustained solely on an alleged mismatch between the closing balance reflected in the assessee's books and that appearing in the creditor's books as on 31 March 2016. The ITAT held that s.69 can be invoked only after the assessee is afforded an opportunity to explain the impugned item, which was not done, and that the revenue authorities did not demonstrate that the assessee's reconciliation and supporting documents were incorrect or non-genuine. Further, once the reconciliation explaining that the outstanding was adjusted in the subsequent year was accepted, no basis remained for treating it as unexplained. The addition under s.69 was deleted and the appeal was allowed. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465690