Section 69C Addition unsustainable if expenditure is recorded & source explained

Advertisement ACIT Vs Radiate E Services Pvt. Ltd. (ITAT Delhi) Hon’ble Income Tax Appellate Tribunal (ITAT), Delhi Bench, in the case of ACIT vs. Radiate E Services Pvt. Ltd. for Assessment Year 2020–21, has reiterated the legal position regarding the scope of section 69C of the Income Tax Act. The appeal was filed by the Revenue against the order of the CIT(A) deleting additions made by the Assessing Officer on account of alleged unexplained expenditure. The assessee, a private limited company, had filed its return declaring a loss and was selected for scrutiny. During assessment ...