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Addition u/s 69C sustained as search in group concern proved maintaining of books of accounts outside regular books
Case Law Details
- Case Name
- ACIT Vs Kantilal Exports (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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ACIT Vs Kantilal Exports (Supreme Court of India)
Supreme Court held that addition u/s 69C as unexplained income sustained as based on search conducted in group concern it was found that assessee was maintaining the books of accounts outside regular books.
Facts- AO made additions of Rs. 17,15,00,000/- as unexplained expenditure u/s. 69C of the Act taking into consideration the actual consumption of diamonds as 4,30,701.14 carats as mentioned in the audit report and after considering the consistent trend on yield which was found to be between 10-18%. AO also considered the alt...
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