Section 69C Addition Deleted as Diary Entries Alone cannot Prove Unexplained Expenditure

Advertisement Sai Granites and Tiles Vs ITO (ITAT Chennai) ITAT Deletes Section 69B Addition Because No Corroborative Evidence Proved Unexplained Investment; ITAT Removes Sections 69B and 69C Additions Because Suspicion Cannot Replace Legal Proof; Unexplained Investment Addition Quashed Because Revenue Produced No Independent Evidence; ITAT Deletes Unexplained Expenditure Addition Because Revenue Failed to Discharge Initial Burden. The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal for Assessment Year 2017-18 after condoning a delay of 56 days ...