Dismissing the appeal of the revenue the Court held that since corresponding undisclosed and unaccounted income pertained to company in which assessee was a director and said company was carrying out business separately in its own name, addition was held to be unjustified. (AY. 2010-11 to 2014-15)
JCIT v. Narayana Reddy Vakati (2021) 190 ITD 466 / 88 ITR 23 (Hyd.)(Trib.)
S. 69C : Unexplained expenditure-Bogus purchases-Search and seizure-Incriminating materials belongs to company-Addition in the assessment of the director was deleted. [S. 132]