CIT(A) Misread Balance Sheet – Rs.14.73 Lakh U/s 69C Addition Deleted

Anil Kumar Jain Vs ACIT (ITAT Raipur) Assessee was assessed u/s 153A. AO made addition of Rs.14,73,895 u/s 69C treating furniture expenditure incurred by Assessee’s wife, Smt. Alka Jain, as unexplained. Before CIT(A)/NFAC, Assessee furnished complete evidences—ITRs of wife from AY 2013-14 to AY 2020-21, computation statements & balance sheets—to prove source of funds & her financial capacity. CIT(A)/NFAC accepted that Smt. Alka Jain had sufficient capital & financial strength, but mis-read the balance sheet by treating only cash in hand of Rs.4,24,240 as the available fund &a...