Addition u/s. 69C unwarranted as unaccounted expenditures met out of unaccounted receipts

Kailash Ramavatar Goenka Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses. Accordingly, addition u/s. 69C unwarranted.

Facts- The assessee is an individual and a resident of India. He is a key person in the Sankalp Group of Concerns, engaged in the hospitality and real estate sectors.

A search u/s. 132 of the Act, was co

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