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2012 (7) TMI 467 - ITAT DELHIAddition on account of unexplained purchases u/s 69C of the Income Tax Act – section 69C would apply only when there is some expenditure for which the assessee is not in a position to explain the source of the same – Held that:- section 69C refers to the ‘source of the expenditure’ and not to the expenditure itself. In the instant case before us, indisputably, the purchases and sales are accounted for in the books of accounts. Thus, source of the expenditure incurred in purchases is obviously explained. - Decided in favor of assessee.
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