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2012 (10) TMI 513 - AT - Income TaxUnexplained purchase u/s 69C - Disallowance of expenditure and depreciation - CIT(A) deleted the addition - Held that:- As decided in ACIT, Versus /s Blue Luxury Impex Pvt. Ltd., (Formerly known as Alfa Engitech (P) Ltd.][2012 (7) TMI 467 - ITAT DELHI] section 69C clearly refers to the “source of the expenditure” and not to the expenditure itself. As in this case books of account were duly produced before the AO who examined them, on examination, no negative observation there against was recorded by the Assessing Officer. Complete names and addresses of the parties to whom the goods were sold were available with the Assessing Officer. The sale transactions were got confirmed by the Assessing Officer on a test check basis. No more inquiries were made. The assessee’s books of account were audited books of account. The tax audit report was on record. The auditors had not made any negative observation therein. Thus, source of the expenditure incurred in purchases is obviously explained - Decided in favour of assessee.
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