Addition u/s. 69C without corroborative evidence liable to be deleted: ITAT Nagpur

DCIT Vs Yashwant Ajabrao Khodke (ITAT Nagpur) ITAT Nagpur held that addition under section 69C towards unexplained expenditure is liable to be deleted due to lack of corroborative and strong evidence. Accordingly, appeal of the department dismissed. Facts- Post search operation and based on loose paper, addition of Rs. 2,17,00,000/- was done towards unexplained expenditure under section 69C of the Income Tax Act. CIT(A) deleted the addition. Being aggrieved, revenue has preferred the present appeal. Conclusion- The Assessing Officer held that the submission of the assessee that the original re...