Once source of expenditure is proved addition u/s 69C is unsustainable in law

Sahara City Homes Vs ITO (ITAT Lucknow)

Facts- The assessee is engaged in the business of construction and development of the township, real estate. M/s. Sahara Prime City Limited, who was one of the partners, contributed WIP to the assessee. Assessee also acquired WIP from Sahara India Commercial Corporation Ltd. (SICCL) vide MOU dated 30.03.2011.

The AO made an addition u/s 69C of the Act in A.Y. 2012-13 which comprised of the WIP acquired in the last ye

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