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2012 (12) TMI 252 - AT - Income TaxInitiation of Proceedings u/s 153C - Unexplained Purchases - held that:- As the expenditure was accounted in the regular books, the source is obviously explained. The provisions of section 69C are not applicable as there was no unaccounted expenditure.Purchases and sales are accounted for in the books of accounts. Thus, source of the expenditure incurred in purchases is obviously explained - Appeal is dismissed in favour of assessee. Disallowance of Expenses - held that:- On legal issues, it was submitted that the grounds would become academic if the merits are decided in the assessee’s favour and hence he would not press the same. Hence, in view of our decision on merits, the cross-objections are dismissed as not pressed - In the result, appeals of the revenue as well as cross-objections of the assessee are dismissed.
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