No separate addition warranted as already covered in declaration of income: ITAT Nagpur

ACIT Vs Shrigopal Rameshkumar Sales Pvt. Ltd. (ITAT Nagpur) ITAT Nagpur held that addition towards unexplained expenditure u/s. 69C of the Income Tax Act not warranted since the same are already covered in declaration of income hence no separate additions warranted. Facts- During the course of action u/s. 132, at the office premises of the assessee, certain documents were seized. These documents allegedly contained information about cash payments made to various persons. The assessee, pursuant to the search, declared additional income on ad–hoc basis totaling to Rs. 1,25,00,000, and also pai...