Addition u/s. 69C towards cash payment deleted since source of cash already taxed: ITAT Mumbai

Beachwood Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. Hence, addition under section 69C of the Income Tax Act for cash payments deleted. Facts- The common issue involved in the present appeal is in respect of addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the...