Section 69C Addition Deleted – Survey Statement Alone Insufficient: ITAT Chennai

ACIT Vs Radaan Media Works India Limited (ITAT Chennai) Addition u/s 69C deleted – Director advances already recorded in books; survey statement alone insufficient – ITAT Chennai In ACIT vs Radaan Media Works India Ltd. (A.Y. 2015-16), the AO made addition of ₹2.07 crore u/s 69C treating director withdrawals reflected in loose sheet “SARATH KUMAR SUSPENSE” as unexplained expenditure, mainly relying on statements recorded during survey and search proceedings. The ITAT observed that the assessee produced ledger accounts, bank statements and financial records showing that the amounts we...