Section 69A addition for unexplained income treated as advances ...

Unexplained income treated as advances rightly deleted; loan amounts recorded, supported by evidence. Assessee not owner of unrecorded assets. Double addition rightly deleted by CIT(A).

Case Laws Income Tax

July 26, 2024

Section 69A addition for unexplained income treated as advances was rightly deleted as the loan amounts were recorded in books, supported by bank statements and confirmations, even if details of immovable property transaction were unavailable. The assessee was not the owner of unrecorded assets, satisfying Section 69A conditions. CIT(A) rightly deleted the addition after considering all aspects. Addition of Rs. 1.70 crores relating to Outstripe Suppliers Pvt. Ltd. transaction was part of Rs. 2 crores addition for the same transaction in the previous year, leading to double addition, hence rightly deleted by CIT(A).

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Section 69A addition for unexplained income treated as advances ...

Unexplained income treated as advances rightly deleted; loan amounts recorded, supported by evidence. Assessee not owner of unrecorded assets. Double addition rightly deleted by CIT(A).

Case Laws Income Tax

July 26, 2024

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