Tribunal held that ,payments were made to suppliers through banking channels .Paintings were reflected as a part of closing stock . Addition is held to be not justified.(AY. 2006 – 2007 , 2007 – 2008)
ACG Arts & Properties (P.) Ltd. v. DCIT (2018) 171 ITD 184 (Mum)(Trib.)
S. 69C : Unexplained expenditure -Bogus purchases – Payments were made to suppliers through banking channels – Paintings were reflected as a part of closing stock – Addition is held to be not justified.