ITAT Mumbai Deletes Section 69C Addition on Purchases Verified by VAT Authorities

Rajesh Shivji Shah Vs ITO (ITAT Mumbai) In a recent order, the Income Tax Appellate Tribunal (ITAT) Mumbai has provided a significant verdict in the case of Rajesh Shivji Shah vs. Income Tax Officer (ITO) for the assessment year 2011-12. The assessee, a proprietor engaged in the business of selling newborn baby products, successfully challenged an order passed by the National Faceless Appeal Centre (NFAC) which had confirmed an addition of Rs. 16,29,314/- to his income. The addition was made by the Assessing Officer (AO) under Section 69C of the Income Tax Act, 1961, on the grounds of unexpl...