Taxpayer Cleared of Unaccounted Purchases Allegation; Customs Valuation Alone Insufficient for Unexplained Expenditure Claim.

Unexplained expenditure u/s. 69C - CIT(A) held that the AO was not justified in assuming that the assessee had made unaccounted purchases solitary on the basis that the customs authorities had enhanced the value of goods imported for the purpose of payment of custom, duty. In the absence of any evidence/material on record that the assessee has paid anything extra over and above the transaction value shown in import invoices, no addition on account of unexplained expenditure on purchases can be made - Order of CIT(A) sustained - AT .....

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