Assessee Challenges Unexplained Expenditure Allegation; AO to Re-evaluate Claims and Verify Transactions with External Sources.

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....Unexplained expenditure on the basis of unreconciled AIR statement - Naturally, if the assessee has not entered into such transaction, the learned AO should have examined the above claim of the assessee of consistent denial through external sources. The assessee has also given the name of employee whose credit card transactions are found with the bank. Further, with respect to another party also assessee denied having entered into any such transactions. - AO directed to reconsider the issue - AT....