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Receipt from Debtors not unexplained: ITAT Bangalore partly deletes section 69A addition
Case Law Details
- Case Name
- Veerabhadreshwara Arecanut Company Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Bangalore
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Veerabhadreshwara Arecanut Company Vs ITO (ITAT Bangalore)
Bangalore ITAT in the case of Sri Veerabhadreshwara Arecanut Company held that receipts from debtors not recorded in the books do not constitute unexplained money u/s 69A, if the source is known & business-related.
A search in a related case revealed that the assessee received ₹4.97 lakh from a debtor but had accounted for only ₹1.85 lakh. AO treated the remaining ₹3.12 lakh as unexplained u/s 69A, & also disallowed ₹10,943 for inadmissible bad debts, totaling ₹3.23 lakh.
Assessee argued that it voluntarily di...
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