Section 69C Addition Deleted as Source of Purchase Payments Was Explained: ITAT Mumbai

Advertisement ITO Vs Karsan Nandu (ITAT Mumbai) The appeal by the Revenue and the cross-objection by the assessee arose from the order of the CIT(A) for Assessment Year 2011-12 concerning an addition of ₹37,45,965 made by the Assessing Officer under Section 69C of the Income-tax Act, 1961 as unexplained expenditure. The assessee, engaged in the wholesale trading of readymade garments through a proprietorship concern, had filed a return declaring total income of ₹11,81,130. During scrutiny assessment, the Assessing Officer received information from the DGIT (Investigation), Mumbai allegi...