Tribunal held that the Revenue failed to bring on account any material in the form of cash, bullion, jewellery, document, etc. or unexplained expenditure to justify the addition made u\/s. 69C of the Act and therefore, relying on the decision of the Hon\u2019ble Supreme Court in case of CIT v. Mantri Share Brokers (P) Ltd. (2018) 96 Taxmann.com 279\/ 257 Taxman 337 (SC)\u00a0 it was held that no addition u\/s 69C can be made in the hands of an assessee except where a statement of the partner of the assessee offering additional income is backed by any other material either in the form of cash, bullion, jewellery, document, etc. to justify the addition u\/s 69C of the Act. (AY.\u00a0 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69C : Unexplained expenditure-Addition cannot be made only on the basis of statement of partner in the absence of any other material. [S. 131(IA)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-27630","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7bE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=27630"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27630\/revisions"}],"predecessor-version":[{"id":27631,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/27630\/revisions\/27631"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=27630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=27630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=27630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}