Case Law Details
Case Name : Sachin Ganpat Vadane Vs ITO (ITAT Pune)
Related Assessment Year : 2019-20
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Sachin Ganpat Vadane Vs ITO (ITAT Pune)
Entire Cash Purchases Cannot Be Added Under Section 69C; Only Profit Element Taxable: ITAT Pune
The Pune Bench (SMC) of the Income Tax Appellate Tribunal (ITAT) partly allowed the assessee’s appeal for AY 2019-20, holding that entire cash purchases cannot be treated as unexplained expenditure under section 69C when the assessee is engaged in a small retail business and sales are accepted.
The assessee, a small retail trader in cattle feed, had made cash purchases of ₹12.07 lakh from a supplier. Due to non-compliance at the assessment stage, the Asses...
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Author Bio
Sirji this case has been argued by me @ ITAT Pune, thanks for reporting