Addition For unexplained expenditure cannot be made on mere presumption

Seven Jewels Vs ACIT (ITAT Mumbai)

As per the provisions of section 69C of the Act, in case the assessee fails to explain the source of expenditure or part thereof to the satisfaction of the AO, such expenditure shall be considered as unexplained expenditure and be deemed to be income of the assessee. In the present case, the assessee made the payments of Rs.43,97,377, on 10^th March 2015 and Rs. 43,29,549, on 18^th March 2015, to M/s. Artview Gems Pvt. Ltd. in respect of the diamonds purchased by the ass

Please become a Premium member. If you are already a Premium member, login here to access the full content.