ITAT Deletes Section 69C Addition as System-Generated Import Data Differences Were Not Real Expenditure

ACIT Vs Archean Chemical Industries Ltd (ITAT Chennai) In ACIT Vs Archean Chemical Industries Ltd, the Chennai ITAT considered the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) deleting an addition of Rs. 51.81 crore made under Section 69C of the Income Tax Act for Assessment Year 2022-23. The Assessing Officer had treated the difference between import data reflected in the Income Tax Department’s Insight Portal and Form GSTR-2A as unexplained expenditure. The assessee, a public limited company engaged in manufacturing industrial salt, bromine, and other in...