Court Rules: No Adverse Inference Without Proof in Unexplained Expenditure Case u/s 69C of Income Tax Act.

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....Addition u/s 69C r.w.s.115BBE - Payment of credit card by cash as a unexplained expenditure - Without establishing conclusively, a section like 69C falling under the head Income from Other Sources and that is to, a deeming section, no adverse inference can be drawn against the assessee. We found the order of AO and Ld. CIT(A) are based on conjunction and surmises. - AT....